Cray Plaza
| Company type | Mixed-use development |
|---|---|
| Industry | Real estate, retail, residential |
| Founded | 1986 |
| Headquarters | Saint Paul , United States |
| Products | Residential apartments, condominiums, townhomes, retail spaces, office spaces, parking |
Cray Plaza—previously known as Galtier Plaza—is situated in Saint Paul's Lowertown district in Minnesota. Since its inauguration in 1986, this development has provided a blend of residential, commercial, dining, and recreational facilities all within a single urban block.
The complex comprises 365 residential apartments, 121 upscale condominiums, and 16 townhomes. It also includes retail and restaurant venues, office spaces, and a subterranean parking structure spanning five levels with capacity for 829 vehicles.
History
The Lowertown Redevelopment Corporation, a nonprofit organization dedicated to revitalizing St. Paul's historic warehouse area, spent three years attempting to develop Block 40. Due to its proximity to downtown, the site was crucial for Lowertown's renewal efforts. Executive director Weiming Lu persuaded developers to create a mixed-use project anchored by the downtown YMCA.
Previous plans by Carley Capital Group to repurpose existing buildings or establish modest housing and retail spaces were unsuccessful despite obtaining a federal Urban Development Action Grant (UDAG). Facing a tight three-month deadline, developers Boisclair and Omni Venture, Ltd.—recognized for Minneapolis' International Market Square—assumed responsibility for the project. Robert Boisclair spearheaded the development.
The architectural firm Miller, Hanson, Westerbeck & Bell, experienced in Boisclair's residential projects like Lakepoint Tower, was selected to design the complex. The name Galtier Plaza honored Father Lucien Galtier, a Roman Catholic priest instrumental in founding St. Paul.
In 2009, the building was renamed Cray Plaza after anchor tenant Cray Inc. acquired naming rights. The development has received accolades such as First Place Design Excellence from Development Design Group and commendations from the National Mall Monitor Center of Excellence and Signs of the Times for its electric signage graphics.
Design
The architectural design resulted from collaboration among the developer, city officials, and the Lowertown Corporation, reflecting shared financial interests that supported multi-tenant ownership. The six-story base facing the street aligns with neighboring structures’ cornices to meet historic preservation standards while optimizing economic use by occupying the entire block.
Residential units are housed within two towers: Jackson Tower, reaching just below FAA height restrictions at approximately , and the shorter Sibley Tower positioned back from Mears Park. The atrium features a gabled roof extending beyond the front facade with a peak rising seven stories high. Initially planned at in width, it was ultimately reduced to 90 feet. The skyway linking Galtier Plaza to the Farm Credit Bank employs standard Vierendeel trusses and bronze aluminum materials in accordance with city planning guidelines. Cray Plaza officially opened its doors in 1986.
Project challenges
The total expenditure for the project surpassed $140 million, excluding the YMCA and other elements, with financing divided among bonds issued by the Port Authority, private equity contributions, and loans from Chemical Bank. The development encountered obstacles such as construction setbacks, budget overruns, inadequate funding, elevated interest rates, and flawed strategic decisions regarding market research and design.
Delays hindered tenant recruitment, leading to reported equity losses of $42–45 million for private investors and loan losses near $90 million for Chemical Bank. Following a default on a $32 million loan associated with a $36 million segment of the project, the Port Authority took control of the rental apartment units.
In 1989, apart from the YMCA, rental housing, and energy facility, the retail spaces, offices, condominiums, and parking areas were sold to a Canadian buyer for $10–12 million. Henry Zaidan sought to reposition the retail offerings toward neighborhood and downtown services and moved the food court to the ground floor. After successfully increasing retail and office occupancy during the economic downturn, Zaidan exited in 1992. By 1996, lenders foreclosed on the property, replaced management, implemented minor renovations, and subsequently sold Galtier in 1999 to an investor consortium led by Wasmer, Schroeder & Company.
The Wasmer-led group carried out significant renovations by transforming vacant retail areas into office spaces. Bigos Investments acquired the residential towers in 2003; meanwhile, Wasmer divested commercial and parking assets in 2006 to a California-based investor group. The commercial section now includes dining establishments, a convenience store, conference facilities, and Unity One Credit Union. Retail and office occupancy levels reached roughly 85%.
Today
Originally launched as a shopping mall and later repurposed into an entertainment complex featuring restaurants and a food court, the building has experienced varied success over time. Presently, only the residential segment maintains substantial occupancy. In 2019, Bigos Properties purchased the retail portion with plans to convert it into residential apartments. However, as of 2024, this area remains unoccupied due to construction delays caused by the COVID-19 pandemic. The former YMCA location has been adapted to provide amenities serving residents of this plaza and neighboring properties.
External links
- Galtier Plaza: Analytical Case Study - Academic paper examining the difficulties faced by Galtier
- Articles with short description
- Apartment complexes in Minnesota
- Condominium residences in the United States
- Retail centers in Minnesota
- Cray
- Residential structures finalized in 1986
- 1980s architectural style in the United States
- Residential high-rises in Saint Paul, Minnesota
- Postmodern design in Minnesota