New Year, New Building!
Former Sunrise Banks branch location at University Ave and Vandalia St.
CEZ buys first commercial property in the Zone
The Creative Enterprise Zone (CEZ) organization is pleased to announce the purchase of its first commercial property, the former Sunrise Banks branch at 2171 University Ave. W., located at the intersection of Vandalia St. in Saint Paul.
Ownership of commercial real estate is a long-term goal of the CEZ’s Real Estate program, and was made possible through trusted relationships and the leadership of Board Chair Renee Spillum when Sunrise Banks sought a local buyer to ensure their former bank branches would continue to serve community needs.
In addition to acquiring the Vandalia location itself, CEZ facilitated the sale of Sunrise Banks’ Arcade Street location to the Twin Cities Community Land Bank on behalf of 30,000 Feet, a nonprofit arts organization. 30,000 Feet offers after-school youth programs centered on arts, culture, and African American empowerment on Saint Paul’s East Side.
The newly acquired Vandalia property was made with an eye toward future development potential and will provide interim office space for two nonprofit organizations, along with an office and program space for the CEZ organization.
Want to know more about our vision for real estate investment? Keep reading…
Why did the CEZ buy the 2171 University Ave. property?
The CEZ’s mission — “to attract and support creative people and businesses to #MakeItHere” — includes a goal to conserve buildings for creative entrepreneurs.
The Sunrise Banks property is located at a key intersection in the Zone. As one of the fastest growing neighborhoods in Saint Paul, securing property for community purposes and reducing displacement is essential to ensure affordable spaces for creative entrepreneurs in our community, both now and for the long term.
Our purchase of the Sunrise Banks property is a strategic capacity-building step to grow our real estate work. We will also establish our track record as property owners and managers. We will continue to build our portfolio to include critical properties that house our constituent businesses and address our core values.
What will the CEZ do with the property?
As our district grows (more than 47,000 jobs are based in the district and the residential population is one of the fastest growing in Saint Paul), we know there is a need for spaces for creative professionals. The building will provide that kind of space and allow us to evaluate a potential redevelopment that would respond to the needs of residents and workers in the Zone.
This is the first major purchase made through the CEZ's Real Estate and Public Space committees. We negotiated this purchase with Sunrise Banks based on our Chair Emerita, Catherine Reid Day’s long-standing relationship with the bank, and Board Chair Renee Spillum’s track record of successful community redevelopment projects with Sunrise Banks and her work at Seward Redesign in Minneapolis — a community development corporation after which CEZ is modeling its real estate development aspirations.
The project was funded by an anonymous patron who is interested in CEZ’s long-term success, alongside support from our foundation partners: McKnight, Bigelow, Saint Paul & Minnesota, Mardag and LISC.
What’s next for the CEZ’s Real Estate Services program?
CEZ is building capacity in order to acquire additional property to preserve the essential qualities and character of the Zone and increase access to grow the size and diversity of the existing creative cluster. We're focused on several paths to accomplish these goals:
Tax-deductible property donation from CEZ supporters seeking a legacy transition
Creation of a Real Estate Investment Cooperative composed of community members who are willing to accept a modest return on their investment in exchange for participation in mission-oriented acquisitions of existing contributing properties
Partnership with other developers on new construction or repositioning of buildings that are not currently home to creative entrepreneurs.
How can I help the CEZ achieve its goals around community-led real estate development?
Get involved! As an almost-all-volunteer organization, here are just a few ways you can help:
Learn more about CEZ’s mission and vision from our website, this monthly e-newsletter, and by reaching out at info@creativeenterprisezone.org.
Lend your expertise to our Real Estate or Public Space committees.
Donate your time and in-kind resources to support our initiatives and nonprofit org.
Connect us with community-oriented individuals and property owners exploring personal legacy and/or succession planning with positive community impact.
Advocate for the CEZ — be a voice for support and investment with friends, family, community members, city and state officials, and funders. We can only do good community work with the support of our community!
Join the CEZ’s Real Estate Investment Cooperative (REIC) when the time comes — more information coming soon!
Make a gift. As a nonprofit, we are reliant on the generosity of individuals, businesses and philanthropic support to sustain our work and organization. Donate today!
Creative Enterprise Zone mission (organization):
We attract and support creative people and businesses to #MakeItHere!
Creative Enterprise Zone vision (place):
A thriving district of creativity and innovation centered in an equitable and just community of economic and environmental well-being. We apply community imagination to foster and improve place development.
CEZ Board Chair Renee Spillum (pictured left) and fellow board members gathered in December to celebrate the purchase of 2171 University Ave W., a new home for the CEZ and office space for two nonprofits.