WAYZATA, Minn. & CHICAGO & MINNEAPOLIS--(BUSINESS WIRE)--TCF Commercial Bank, a division of TCF National Bank which is a subsidiary of TCF Financial Corporation (TCF) (NYSE: TCF), The PrivateBank, an indirect, wholly owned subsidiary of CIBC (TSX, NYSE: CM), and Hempel, the developer of Treasure Island Center, announce today that TCF Commercial Bank and The PrivateBank will provide a $40 million construction loan to Hempel Companies for the completion of Treasure Island Center. The development includes TRIA Rink, the new Minnesota Wild rooftop ice rink and training facility, in downtown Saint Paul.
“We’re pleased to bring this exciting development to life in Saint Paul,” said R. Patricia “Trish” Kelly, executive vice president and head of TCF Commercial Banking. “Hempel’s vision for Treasure Island Center and TRIA Rink aligns with our commitment to improve the communities where we do business. The revitalization of the former Macy’s building as a new, mixed-use development will greatly improve downtown Saint Paul and the surrounding area.”
Hempel has partnered with the Saint Paul Port Authority to develop Treasure Island Center, the former Macy’s store in downtown Saint Paul, into a vibrant new multi-use entertainment, office and retail destination. RJM Construction is the general contractor. Treasure Island Center is scheduled to open in fall 2017.
“The PrivateBank is proud to provide financing for such an innovative and exciting project in the City of St. Paul,” said Karen Case, president, commercial real estate, The PrivateBank. “Treasure Island Center and TRIA Rink will be a true asset bringing people together in the community and will be a must see venue in the Twin Cities.”
In addition to the Minnesota Wild practice facility, the redevelopment will serve as a game rink for Hamline University and office and retail space for TRIA Orthopedic Clinic, Walgreens, Tim Hortons, Stacked Deck Brewing and the new headquarters for the Minnesota Housing Finance Agency. TRIA Rink also will be available for local youth hockey and figure skating organizations.
“The financial support from TCF and The PrivateBank is an example of a great local investment that will bring jobs and increased economic vitality to downtown Saint Paul,” said Randy McKay, project principal with Hempel Companies. “We’re honored by their commitment to ensure the vision we’ve shared with Go Wild becomes reality.”
About Treasure Island Center
Owned by Go Wild, LLC, a partnership of Hempel and the Saint Paul Port Authority, Treasure Island Center, is a mixed-use 360,000 square foot property and an 800 car parking garage being redeveloped in Saint Paul in the former Macy’s department store space.
TCF is a Wayzata, Minnesota-based national bank holding company. As of June 30, 2017, TCF had $22 billion in total assets and 321 bank branches in Arizona, Colorado, Illinois, Michigan, Minnesota, South Dakota, and Wisconsin, providing retail and commercial banking services. TCF, through its subsidiaries, also conducts commercial leasing, equipment finance, and auto finance business in all 50 states and commercial inventory finance in all 50 states and Canada. For more information about TCF, visit tcfbank.com.
About The PrivateBank
The PrivateBank, an indirect wholly owned subsidiary of CIBC, provides tailored commercial, wealth management, personal, and small business financial solutions. In 2017, CIBC acquired Chicago-based The PrivateBank to build its US Region and now has 46 offices in 18 states, as well as the ability to provide cross-border banking services to clients with North American operations. To learn more, visit www.theprivatebank.com.
Over the years, the Hempel team has earned a reputation for a dynamic and fresh vision on real estate investment and development. Their approach, coupled with a proven track record of successful turnaround strategies, breathes new life into premier properties and sites in the Minneapolis-Saint Paul area. Hempel specializes in turnaround projects and new and re-use development properties with a focus on retail, office and hospitality.
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