Oppidan Investment Co., an Excelsior-based company, will likely lead the multi-million dollar redevelopment of the enormous, vacant Macy's building in downtown St. Paul.
In a statement Friday, the city's Mayor Chris Coleman called the decision "terrific news," saying it's another sign of "the momentum downtown and throughout the city of Saint Paul.”
The much-buzzed-about hopes for the property include a rooftop practice rink for the Minnesota Wild – and according to MPR that's still in play, saying the announcement makes that "one step closer to reality."
A member of the St. Paul Port Authority, which owns the property, told the Star Tribune having the Wild involved is "a real attractive presence" when luring other businesses.
The Pioneer Press says the $60 million overhaul (a joint venture between Oppidan and the St. Paul Port Authority) will also include restaurants, a craft brewer and a pharmacy.
The Star Tribune describes the site's revamp as a "pivotal block" in the revitalization of St. Paul's downtown, while explaining some of the challenges the Port Authority has faced in trying to get something done.
The Business Journal says the deal is expected to close early next year.
The Port Authority will vote to finalize the pursuit of a partnership during its Tuesday meeting, according to reports.
Oppidan was founded in 1991, according to the company's website, and has developed more than 300 projects valued at more than $1.75 billion. Last month the company started work on a retail complex in Plymouth.