Downtown St. Paul developer Jim Crockarell has added another building to his portfolio — the Alliance Bank Center at 55 E. Fifth St.

Under the title Alliance Center LLC, Madison Equities, Crockarell’s umbrella company, purchased the 16-story building for $18.25 million from previous owners Dave Brooks, Jim Kelly and John Otteson.

Among its major tenants, the center is home to Alliance Bank on two floors and RedPath and Company CPAs on three floors.

“The building is full,” Crockarell said. “There are leases for the entire building. Our challenge is to keep the building in as good a shape as to what Brooks and Kelly have done.”

Two other Madison Equities projects may soon get underway in downtown St. Paul.

Crockarell plans to begin work next month on the Degree of Honor Building at Fourth and Cedar streets, which will be converted from office space into a 77-unit market-rate apartment complex.

Crockarell no longer plans to install a 127-room boutique hotel into the Park Square Court building facing Mears Park in Lowertown.

Instead, he’ll convert either three or four floors of office space at 400 N. Sibley St. into at least 100 market-rate apartments.

“We changed our mind and are no longer going to do a Marriott Hotel,” he said, noting several competing hotel projects already underway or recently proposed in the downtown market. “We’ll keep our restaurants and the event center” in Park Square Court.