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By Erik Hare

There’s been a lot of press about residential real estate, both on the upside and the downside.  There’s a great deal of interest in where people live, and it’s only natural – we all have to live somewhere.  But this isn’t the only kind of real estate there is.  Retail establishments, particularly small spaces that are logically best suited for entrepreneurs, are taking it much harder.

Saint Paul is not much different.  A concerted effort has filled many of the spaces along the skyway level, creating a bustle of activity during the day.  It’s been a wonderful transformation that’s happened even as the rest of the economy took a dive.  The problem comes at the street level, where things become much more difficult.

A good example of the street retail is undergoing can be seen around Mears Park in Lowertown.  Two new bars have opened up on the north side of the park in the last two years, The Bulldog and most recently Barrio.  On the south side, things have been a little more difficult for the Strauss building (pictured).

The renovation was finished in 2003, just in time for the tail end of the market boom.  With 3 floors of apartments, the Strauss building quickly filled up with residents who wanted to be right in the heart of the city and the wonderful amenities.  The first floor was designated retail, and it has yet to fill up.  Most of it has never even had a client in all this time. 

What’s wrong with the Strauss Building?  Absolutely nothing, especially if you ask the renters.  In fact, the columns topped by delicate arches and filled with wide windows facing Sibley Street are architectural treasures.  It’s a perfect space for any number of things, including a fancy restaurant or a specialty retail outlet.  There just isn’t a lot of demand for these sorts of things, so the space has been idle.  Someday, someone will snap it up and create a Saint Paul institution.  But while it’s always been difficult to get a loan for a boutique retail operation, right now it’s nearly impossible.  It’s unlikely that anything will happen soon.

So the Strauss Building waits for someone with the capital it takes to do something that makes the city proud.  It’s nearly impossible to walk past it and not come up with a few plans for this magnificent space, but dreams take a lot of cash to become a reality.  The current economic situation doesn’t make it likely that retail spaces, even those as amazing as the Strauss Building, will be filled up soon.  Even though the apartments were a huge hit, the retail struggles.

The new places across Mears Park give us hope that the wonderful Strauss Building will find its retail tenants soon.  As Lowertown continues to grow and develop, there will be more and more demand.  But it’s still terribly sad to see such a building be left empty in this market, even though retail space isn’t first on everyone’s mind.  Someday this will all change, but in this climate it’s hard to see it happening soon enough, especially for us dreamers walking by.