ST. PAUL, Minn. (AP) - The St. Paul Pioneer Press has sold its downtown headquarters to a South Dakota real estate developer.
The newspaper is planning to relocate to a newer, nearby facility in St. Paul and expects to release the details of that plan in the coming week.
Terms of Friday’s sale were not disclosed. The building had been listed at $4.2 million.
The Sioux Falls, South Dakota-based Stencil Group bought the building and plans to convert it into an apartment complex.
Stencil Group CEO Nate Stencil tells the Pioneer Press (https://bit.ly/1C54kii ) his company expects the eight-story, 162,000-square-foot structure to accommodate 150 to 168 market-rate apartment units.
Stencil expects to begin construction around Jan. 1 and open the building to tenants in late summer or early fall of 2016.
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Information from: St. Paul Pioneer Press, https://www.twincities.com
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