The City of Saint Paul and the NHL’s Minnesota Wild proposed a major renovation of the Xcel Energy Center Arena Complex—comprised of the Xcel Energy Center, Saint Paul RiverCentre, and Roy Wilkins Auditorium. In the proposal, the city and the Minnesota Wild would provide half of the funding, with the state also contributing half.
The Xcel Energy Center, which opened in 2000, is in the 25th year of its intended 25-year lifespan, and the adjoining 27-year-old Saint Paul RiverCentre and 93-year-old Roy Wilkins Auditorium require significant upgrades to infrastructure and equipment. Renovations to the city-owned Xcel Energy Center Arena Complex are estimated to cost $769 million. The city is asking the state to fund half the cost, approximately $394.6 million, with Minnesota Wild owner Craig Leipold funding $215.8 million (30%), and city and local partners providing the remaining $158.8 million (20%). Ramsey County continues to explore its partnership investment in the proposed Xcel Energy Arena Complex renovation.
The project, St. Paul Mayor Melvin Carter says, is a major step in reimagining St. Paul’s downtown entertainment district.
“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,” Mayor Carter says in a prepared statement. “This project will create jobs, bring more people downtown, and strengthen our standing as a premier destination to live, work, recreate, and do business.”
The Xcel Energy Center Arena Complex is the economic engine of St. Paul, generating over $383 million in revenue and attracting over 2 million visitors each year. Last year, the complex hosted nearly 400 events, including Minnesota Wild games, the inaugural season of the Minnesota Frost, major concert and performance tours, the annual weekend-long Hmong New Year, high school graduations, and Minnesota State High School League athletic tournaments.
According to an economic impact study conducted by the Minnesota Wild, a renovated Xcel Energy Center Arena Complex is anticipated to boost annual local spending by $110 million, create approximately 2,300 union construction jobs, and, when complete, will employ more than 5,000 people in St. Paul.
“We are so excited to build on the success of the Xcel Energy Center Arena Complex to create an iconic new district for downtown,” Leipold says. “St. Paul is uniquely positioned to become a gleaming example nationwide of forward-thinking revitalization. Now is the time to rewrite our future.”
Construction on the multiphase renovation project could begin as early as next year.
