From Land Banking to Community Ownership
For decades, 960 Payne Avenue was home to Saint Paul Floral. Built in 1886, the three-story, mixed-use building sits prominently at the corner of Payne and Case avenues. Its Mansard roof and gabled dormers make it one of the most architecturally distinctive properties along the Payne Avenue corridor.
When the property became available, its location and history made what happened next especially important. It was an opportunity to keep a recognizable neighborhood asset rooted in the East Side while creating space for a new model of local ownership.
When Land Bank Twin Cities acquired 960 Payne in 2025, the goal was not long-term ownership. It was to preserve that opportunity and create time for a community-based future to take shape.
Land Bank acquired and held the property, actively stewarding the building while a path toward local ownership developed. During the hold, we completed environmental assessments, an ALTA survey and a physical needs assessment.
We also invested approximately $30,000 to remove old trade fixtures, including walk-in coolers and cabinetry, to ready the property for its next owner. A $10,000 Community Revitalization Grant administered by Latino Economic Development Center (LEDC) helped support those improvements.
That work prepared the property for resale while creating critical time for East Side Community Investment Cooperative (ESCIC), which had spent five years working toward its first real estate acquisition. The cooperative’s vision is to give East Side residents a direct role in owning and shaping real estate in their neighborhood.
The Shared Ownership Center at Nexus Community Partners helped bring the pieces together, awarding ESCIC more than $300,000 through the Saint Paul LOCAL Fund: Community Ownership to support predevelopment, acquisition and rehabilitation.
In September 2026, Land Bank sold 960 Payne to ESCIC, completing the transition from land banking to community ownership.
“Strong neighborhoods are built on local ownership, but getting there often requires creative solutions,” said Garrett Peterson, Land Bank Twin Cities Program Manager of Strategic Acquisition. “We’re proud to support an innovative cooperative model at 960 Payne that keeps this historic property locally owned and creates a new path for community-centered investment along Payne Avenue.”
The building’s longtime residential tenants remain in their home, while ESCIC begins a new chapter as the property’s community owner.
“960 Payne is more than the purchase of a building. It’s about who gets to own and shape the future of the East Side,” said Saint Paul City Council Member and Land Bank Twin Cities Board Member Cheniqua Johnson. “This partnership demonstrates what is possible when we intentionally bring public, philanthropic, and community partners together to keep ownership, opportunity, and wealth rooted in the neighborhood.”
The real estate market can move faster than community organizations can assemble the resources needed to compete. At 960 Payne, Land Bank stepped into that gap, securing a prominent neighborhood property, holding and preparing it for resale, and creating a bridge between when the opportunity emerged and when a community partner was ready to own it.
We Buy Time. We Land Bank. We Build Solutions.
In the News
East Side cooperative purchases former St. Paul Floral building on Payne Avenue
The Minneapolis/St. Paul Business Journal covers ESCIC’s purchase of 960 Payne Avenue and the effort to bring the historic East Side property into community ownership. The acquisition marks the cooperative’s first real estate purchase.
East Side residents invited to invest in community-owned Payne Avenue property
Power 104.7 highlights ESCIC’s community investment campaign and its plans for 960 Payne Avenue. The story explores how East Side residents were invited to invest directly in the cooperative and help shape the property’s future.
Project Overview
Land Bank Twin Cities acquired 960 Payne Avenue in 2025 and sold it to East Side Community Investment Cooperative in September 2026, marking ESCIC’s first real estate acquisition. This property was sold as part of Land Bank Twin Cities’ East Side Community Ownership Initiative.
Land Bank Twin Cities Role
Land Bank acquired, held and stewarded the property while preparing it for resale through environmental assessments, an ALTA survey and a physical needs assessment.
Partner Role
ESCIC is the new community owner. The Shared Ownership Center at Nexus Community Partners awarded the cooperative more than $300,000 through the Saint Paul LOCAL Fund: Community Ownership for predevelopment, acquisition and rehabilitation.
Outcome
960 Payne has transitioned from temporary Land Bank ownership to community ownership, with its longtime residential tenants remaining in their home.
Financials
LOCAL Fund: Community Ownership Award
More than $300,000
Predevelopment, acquisition and rehabilitation
