Florida-based real estate investor Jamie Rand has purchased St. Paul's historic First National Bank Building for $3.8 million, a significant discount from the previous owner of the Great Northern Building. The purchase comes through Rand's self-funded venture, the Downtown Revival Trust, which also acquired the second property recently. The building was purchased by Rand at a large discount due to large vacancies and costly maintenance needs. He plans to explore converting parts of the building for other uses, including housing, and installing new lights for the iconic red “1st” sign. The sale represents a symbolic win for a struggling downtown St.Paul, which has seen a decline in recent years due to remote work and uncertainty in the office market. Rand plans to focus on revitalizing the downtown area and creating a Shark Tank-style program where he could invest in small businesses.