Massive Food Hall repossessed by bank after owing $5 million in loans

November 23, 2023 by No Comments

St. Paul’s Keg and Case Market has succumbed to foreclosure, five years after the ambitious food hall debuted on W. 7th Street.

Lender MidWestOne Bank has assumed control of Keg and Case, as per county real estate records. The Iowa-based bank had provided Keg and Case with a loan exceeding $8 million, of which over $5 million remained outstanding, according to a default notice issued on March 16.

Upon its grand opening in September 2018 at the historic Schmidt Brewery, Keg and Case garnered immense attention, boasting an array of tenants spanning from restaurants to retail establishments. The $10.4 million project was partially financed with public funds, including $3 million in state historic rehabilitation tax credits, $1.5 million in Tax Increment Financing (TIF), and $205,000 in state grants, as per city HRA documents.

The Keg and Case website currently lists only six vendors. One of these, Clutch Brewing Co., announced its decision to close at the year’s end. According to some, state regulations prohibiting patrons from carrying alcoholic beverages around the food hall hindered the brewery’s success.

Unfortunately for Saint Paul locals, this will also spell bad news for Starcade which had only re-located to the venue weeks ago. Once again, it looks like Starcade will be on the move again.

Leave a Comment