Jim Crockarell, downtown St. Paul's biggest landlord, dies at 79
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Jim Crockarell, the real estate mogul with an insatiable appetite for buying downtown St. Paul buildings, has died at 79, his family confirmed to Axios.
- Crockarell had been battling an infection in November that family members did not believe would be fatal, the Pioneer Press reported.
Why it matters: Crockarell's Madison Equities is St. Paul's largest property owner. His companies also created or acquired several restaurants in the city, including Handsome Hog, Ox Cart Ale House and Public Kitchen.
Zoom in: The Tennessee native became a downtown booster in his adopted hometown, but didn't always get along with other St. Paul promoters or city officials. Notably, and recently, he successfully fought to be excluded from a dues-paying downtown improvement district.
Details: Crockarell's portfolio includes the iconic First National Bank building, U.S. Bank Center, Degree of Honor, Park Square Court and the Alliance Bank building among others.
- "You get accustomed to a certain area," Crockarell told the Business Journal in 2015. "It's easier to buy the building next door as opposed to buying one two states away. It makes administration and management much more efficient and better for the tenants when you have everything in a close proximity."
State of play: As downtown St. Paul lost office tenants over the years, he converted several old building into apartments, a trend that's picking up steam in other cities following the rise in remote work.
The other side: Attorney General Keith Ellison filed a lawsuit in June against Madison Equities for alleged wage theft. Crockarell said at the time that the statute of limitations had run out on those complaints.
- A judge dismissed the case in November and Ellison's office is appealing the decision, according to the Star Tribune.
The intrigue: He told the Pioneer Press in 2016 that Madison Equities is a marital asset he shares with his wife, Rosemary Kortgard.
- His daughter, Carol March, is also a broker and executive with Madison Equities.
Editor's note: This story has been updated to show a judge dismissed the lawsuit filed against Madison Equities.