What $1 Billion in Investment Means for the Future of Downtown Saint Paul
Introduction by Joe Spencer, President of Saint Paul Downtown Alliance
More than $1 billion is being invested in downtown Saint Paul through public and private initiatives. Announced in May at the Saint Paul Downtown Alliance annual meeting, this wave of investment could help shape the city’s next chapter. We connected with SPDA President Joe Spencer about what it means for the future of downtown.
What does the $1 billion investment milestone signal about the future of downtown Saint Paul?
The +$1 billion investment milestone signals that downtown Saint Paul has entered a new chapter. This is not one project or one organization making a bet on downtown. It is a coalition of public agencies, private companies, developers, philanthropies, and community partners investing together because they believe in where downtown is headed.
Perhaps most importantly, these investments are strengthening the fundamentals that make a downtown successful. Together, public and private investments create an ecosystem that encourages innovation. Companies benefit from being close to other businesses, entrepreneurs have more places to launch new ideas, and employees have access to the amenities and experiences that make downtown an attractive place to build a career.
Innovation depends on more than great ideas. It depends on creating great places where clusters of talented people want to work, where businesses can grow, and where entrepreneurs have opportunities to succeed.
Continue reading to learn how public investments and investments from companies like Securian Financial, Travelers, and Ecolab are creating a stronger economy not only for Saint Paul but for the entire region.
For more than two decades, Joe Spencer has engineered growth and vitality in downtown Saint Paul. As the first president of the Saint Paul Downtown Alliance, Joe works across public and private sectors to build a strong, vibrant downtown and create a positive experience for visitors, residents and workers alike.
With his leadership, the Downtown Alliance created the Downtown Investment Strategy to align public and private investment priorities to transform downtown; partnered with property owners to create the Saint Paul Downtown Improvement District to deliver clean and safe services; created and launched the Saint Paul Downtown Development Corporation, a nonprofit real estate development and finance organization focused on advancing redevelopment and investment in downtown Saint Paul; and activated the streets with hundreds of free events, public art installations and more.
More Insights on Downtown Saint Paul Investments
Saint Paul, let’s row together while investments flow in our direction, Op-Ed by B Kyle, President and CEO of the St. Paul Area Chamber (Pioneer Press)
Reviving downtown St. Paul? Invest in answers to these questions, Op-Ed by Chanda Smith Baker, President and CEO of the St. Paul & Minnesota Foundation (Pioneer Press)
Staggered by COVID, St. Paul bets big on ‘creating a new downtown’ (MPR News)
St. Paul Downtown Development Corporation buys skyscraper (KARE 11)
Mike is a multi-award-winning entrepreneur, strategist, and ecosystem builder who has spent his career helping people and organizations turn ideas into real, measurable success and has joined Applied AI, a non-profit dedicated to developing the next generation of AI leaders in Minnesota, as their new Executive Director.
As CEO of Saint Paul-based Rocket Growth Academy and Black Tech Talent, he's built award-winning companies. He's also business-coached for NASA, developed the SCALE™ framework — Strategy, Customers, Automation, Leadership, Execution — and consulted on everything from startup growth to U.S. legislation. Most recently, he was named a 2026 Bush Foundation Fellow.
Congratulations! We look forward to seeing the impact you'll continue to make in Saint Paul and beyond.
Local Tech & Workforce News Snapshots
Quick local hits you shouldn't miss.
Minnesota is emerging as a “Living Lab” State: Explore Twin Cities Business’ take on how expanded lab testing is poised to fuel the state’s next wave of economic growth through sustainable proteins, aviation fuel, energy technology, semiconductors, and more.
Special shoutout to Nina Axelson, Grid Catalyst, Gregg Mast, Clean Energy Economy MN, and MBOLD for elevating the groundbreaking work happening in Saint Paul and across Greater Minnesota. And while it didn’t make the article, it’s worth noting that UEL, a specialized, state-of-the-art lab hub in Saint Paul, hosts 60+ resident companies spanning biotech, medtech, agtech, and cleantech.
World’s first synthetic cell with a complete life cycle, developed at the University of Minnesota, could revolutionize biological engineering.
Ranked #5: Minnesota soars in CNBC’s latest “Top States for Business” report, climbing from 10th in just one year.
Tekne Award Nominations are open! The Tekne Awards are a celebration of the excellence and innovation within Minnesota’s technology ecosystem. Nominations are open until September 13.
Full Stack Saint Paul is a public-private collaboration leveraging the power of tech and innovation to drive equitable, resilient economic development in Saint Paul.
Powered by the City of Saint Paul and the St Paul Area Chamber
Full Stack Saint Paul, 15 Kellogg Blvd. West, Saint Paul, MN
