Development
St. Cloud, MN
19,438 SF
2014 - 2016
About this property
The First National Bank of St. Cloud opened in 1889 and anchors the corner of 5th Avenue South and West St. Germain in downtown St. Cloud. Inventure Properties owns the 19,438 square foot building through Bank of St. Cloud, LLC in partnership with Springhill Capital, and completed a $2,390,000 historic rehabilitation in the fall of 2016 after two full years of development and construction. BCI Construction served as design builder with JLG Architects as architect. The building has housed many of the businesses that shaped St. Cloud’s commercial history and today counts the Greater St. Cloud Development Corporation and Kensington Bank among its major tenants. Limited lease space remains available to long term tenants.
How Inventure Evaluates Historic Downtown Assets for Acquisition
A 127 year old bank building in a downtown core is a difficult asset to underwrite. The rehabilitation cost is unpredictable, the regulatory path is slow, and the tenant pool for that kind of space is narrower than for standard office product. What the building had was position. The corner of 5th Avenue South and West St. Germain sits directly among downtown restaurants, retail, and entertainment, which is exactly the address a certain class of tenant will pay for and will not leave. Inventure took ownership position alongside Springhill Capital because the location and the architecture together produced something that could not be replicated at any price on new construction.
How the Historic Rehabilitation Was Managed and Delivered
Historic rehabilitation work at this scale is a regulatory project as much as a construction project. The ownership group and BCI worked in coordination with the State Historic Preservation Office and the National Park Service across pre construction, development, and construction, holding the work to preservation guidelines that govern nearly every visible material decision. Two years of planning and administration went into a project that had to satisfy federal preservation standards, ownership economics, and tenant requirements at the same time. Design build delivery kept a single team accountable through the entire process, which is what made a project of this complexity finish on its terms rather than the reverse.
- Ownership Position - Inventure co owns the asset through Bank of St. Cloud, LLC with Springhill Capital.
- $2.39 Million Historic Rehabilitation - Completed in the fall of 2016 after two years of development and construction.
- SHPO and NPS Coordination - Delivered in compliance with state and federal historic preservation standards.
- 19,438 Square Feet - Anchored by the Greater St. Cloud Development Corporation and Kensington Bank.
- Downtown Core Location - Corner of 5th Avenue South and West St. Germain, adjacent to downtown dining, retail, and entertainment.
Why Owners and Partners Work With Inventure on Complex Historic Projects
The Bank of St. Cloud is one of many examples of Inventure Real Estate committing capital to buildings that demand more than most owners are willing to give: navigating preservation review, assembling a design and construction team capable of the work, protecting the architectural integrity that gives the asset its value, and leasing it to tenants who intend to stay. For corporations, healthcare systems, universities, and municipalities looking for a partner who takes ownership risk alongside them, Inventure brings the platform, the relationships, and the decisiveness that turn complicated projects into completed ones.
Key Property Features
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