On Friday, the Pioneer Press sold its downtown St. Paul headquarters to the Stencil Group, a real estate developer out of South Dakota who plans to convert the building into an apartment complex.
The building had been listed for $4.2 million and the Pioneer Press will relocate to a nearby facility that will provide with a newer environment for the newspaper.
The building, which stands at 8 stories and contains 162,000 square feet, will be able to accommodate 150 to 168 market-rate apartments.
Stencil Group was attracted to the location because of its proximity to the Green Line and skyway systems. Construction is planned to begin in January and be open to tenants as early as late summer 2016. This is the groups first project in the Twin Cities.