Experts Forum: How innovation is reshaping St. Paul

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St. Paul has long been the kid brother of the Twin Cities, but an evermore tightly knit group of bankers, developers, business owners and government entities are seeing to it that the capitol city – its downtown, especially — escapes its secondfiddle status without losing its quirky personality.

Recently, Finance & Commerce convened a roundtable discussion with a mix of St. Paul-connected movers and shakers to discuss what’s happening and what might happen there.

Click the image at right to read an edited version of the conversation between our experts, moderated by Finance & Commerce reporter Matt Johnson. 

Meet the experts: 

Jerry Baack, Bridgewater Bank

As the principal founder of Bridgewater Bank, Baack was responsible for all aspects of the bank’s formation; including, the initial capital raise, business plan, board and management team structure and recruitment, charter and regulatory approval. He now serves as chairman of the board, CEO and president of the company. As the chief visionary and strategist, Baack plays a vital role in business development and is instrumental in defining strategic initiatives and ascertaining new opportunities for growth. Baack drives all decisions regarding mergers and acquisitions, capital management and diversification. He has over 25 years of commercial banking and regulatory experience. Baack received his B.S. from Minnesota State University in 1989 and is an alumnus of the Graduate School of Banking at University of Colorado, Boulder in 2001.

Tanya Bell, Grand Real Estate Advisors Group

Tanya Bell is co-founder and partner of Grand Real Estate Advisors Group. Bell has been an active member of the commercial real estate community for 30 years. Her career has taken her from a role as a real estate broker, to sales manager, to developer and asset manager. A collaborator by nature, Bell enjoys the process and variety of her work, which she likens to that of a movie producer. A number of Bell’s projects have received industry recognition: the complete renovation of the Drake Marble Building into award-winning office space for Northwest Area Foundation and Drake Bank to River Bend Business Center, a 170,000 square foot business park located along the picturesque Mississippi River in St. Paul. Bell received a Bachelor of Arts in economics from Macalester College in St. Paul. She lives with her husband, Lee Schafer, and three daughters in the Mac Groveland neighborhood in St. Paul.

Lee Krueger, St. Paul Port Authority

Lee Krueger began with the St. Paul Port Authority in 2012 and was promoted to president in 2016. Krueger brings to this role more than 30 years of experience in the commercial real estate industry. Krueger earned his bachelor’s degree in political science from Moorhead State University and master’s degree in planning from the Humphrey Institute at the University of Minnesota. Krueger also holds a real estate broker’s license in Minnesota. He is also actively involved with the Minnesota Commercial Real Estate Association and International Council of Shopping Centers.

Rebecca Noecker, St. Paul City Council

Rebecca Noecker is an innovative leader, a community-builder, and a strong advocate for social justice. Noecker grew up in St. Louis Park and earned her bachelor’s degree in social studies from Harvard College in Cambridge, Massachusetts. Noecker has served on the board of the West Side Community Organization and the St. Paul Planning Commission, and she founded West Siders for Strong Schools, a neighborhood group dedicated to promoting excellent public schools on the West Side. In 2015, Noecker was elected to be the first woman to represent Ward 2 on the St. Paul City Council. Her priorities are equity, economic development and creating opportunities for young people. Noecker lives with her husband Shane Noecker, and their sons, Whitman and Fitzgerald, on St. Paul’s west side.

Rich Pakonen, Pak Properties

Rich Pakonen is the founder of PAK Properties, a St. Paul-based entrepreneurial real estate investment and development company primarily focused on urban and in-fill residential and commercial properties. Pakonen earned his B.A. from St. Olaf College in Northfield in 1990 and his MBA from the University of Minnesota Carlson School of Management in 1993. He started his career in the long-term care industry as the Administrator of a 110 bed skilled nursing facility. In 1996, he left the long-term care industry to focus exclusively on his growing real estate business. Since then, PAK Properties has successfully developed and rehabilitated many properties. These projects have ranged from the renovation of existing apartment buildings to the conversion of vacant historic office and industrial buildings. The primary focus of most of these investments was housing—including for-sale condominiums, market-rate and low-income apartments, and assisted living facilities.