Saint Paul and the Minnesota Wild have Set Their Sights On An Ambitious Goal For The City's Downtown Entertainment Sector, Focusing On A Major Renovation For The Xcel Energy Center Arena Complex.

Saint Paul and the Minnesota Wild have set their sights on an ambitious goal for the city's downtown entertainment sector, focusing on a major renovation for the Xcel Energy Center Arena Complex.

Saint Paul and the Minnesota Wild have set their sights on an ambitious goal for the city's downtown entertainment sector, focusing on a major renovation for the Xcel Energy Center Arena Complex. A joint announcement revealed plans to update the 25-year-old Xcel Energy Center, along with the 27-year-old Saint Paul RiverCentre and 93-year-old Roy Wilkins Auditorium. With an estimated cost of $769 million, the proposed makeover could redefine the area's attraction and economic capacity. The city expects the state to come through with roughly half the funding, about $394.6 million, while Minnesota Wild's owner Craig Leipold is on the hook for $215.8 million, and the remainder will be sourced from the city and local partners.

Ramsey County is also considering its investment role in the renovation, which Mayor Melvin Carter described as a pivotal step for Saint Paul's downtown renaissance. In a statement obtained by the City of Saint Paul's official website, Mayor Carter emphasized, "A renovated Arena Complex will breathe new life into our city, building on our efforts to attract more world-class events and opportunities for economic growth." With the overhaul, the Arena Complex, serving as Saint Paul's economic powerhouse, aims to pull in more than the current $383 million in annual revenue and the 2 million visitors it currently attracts.

Economic studies by the Wild suggest the renovation will not only increase spending but reinforce Saint Paul’s status as a premier destination. Enthusiastic about reshaping the city's future, Leipold told the City of Saint Paul's official website, “Saint Paul is uniquely positioned to become a gleaming example nationwide of forward-thinking revitalization. Now is the time to rewrite our future.” If all goes according to plan, the multi-phase renovation could launch as soon as 2026, setting the stage for fresh economic narratives in the heart of Saint Paul.

SOURCE: hoodline