Office-to-Residential Conversion Project Opens in Downtown Saint Paul

{SAINT PAUL, MINN, May 14, 2025} - A prominent office tower constructed in the 1980s has been converted into 187 apartment homes in downtown Saint Paul, showcasing how adaptive reuse of underutilized office buildings can revitalize urban areas. A grand opening event announced the completion of Landmark Tower with the Park Towers Condominium Association, the City of Saint Paul, Sherman Associates, development partners, and community leaders.

Landmark Tower, located at 345 St. Peter Street, provides high-quality apartment homes in downtown Saint Paul with a skyway connection and walkability to Xcel Energy Center, Rice Park, Ordway Center, and other downtown attractions. The project includes a unique partnership with The Saint Paul Hotel, offering residents premier hospitality services and direct access to dining at The Saint Paul Grill.

"This project shows how cities can reinvent their downtowns to meet the changing needs of their residents,” said George Sherman, CEO of Sherman Associates. “By delivering on the City of Saint Paul’s vision for residential growth, we’re not just redeveloping a building—we’re helping reshape the future of downtown. Landmark Tower is a model for sustainable urban infill and a driver for long-term community growth.”

Sherman completed the $97 million redevelopment in close collaboration with the Park Towers Condominium Association, ensuring that the existing condominiums remained an integral part of Landmark Tower’s mixed-use community. The redevelopment was made possible through a combination of federal and state historic tax credits and tax increment financing from the City of Saint Paul.

The apartment homes are larger than average at approximately 850-900 SF, with high end finishes, stainless steel appliances, and stone countertops. The 18th floor lounge offers views of the Mississippi River, and 6th floor rooftop deck has a spa pool, lawn game area, and outdoor dining area. Other amenities include a sauna, fitness studio and group fitness, golf simulator, club room, maker’s space, and a business lounge.

Landmark Tower is LEED Silver certified with energy-efficient HVAC systems, LED lighting, water-saving fixtures, and the use of eco-friendly materials throughout the renovation. The redevelopment of the tower contributed to local economic growth by prioritizing construction labor. Seventy-five percent of hard construction costs went toward labor and 25% went toward material. In contrast, new construction projects typically allocate 60% to labor and 40% to materials. These approaches to the project underscore Sherman’s ESG Commitment.

Frana Companies was the general contractor and BKV Group was the architect for the project.

Landmark Tower brings Sherman’s development and operations portfolio to 800 units in Saint Paul.