The city of St. Paul’s big luxury real estate gamble — the Lofts at Farmers Market — will be put up for sale, proof positive in the eyes of city officials that the gamble will pay off.

Jonathon Sage-Martinson, city planning and economic development director, told the city council Wednesday that the 57-unit luxury apartment building across from the downtown Farmers’ Market was fully occupied and the market was ripe.

The council, meeting as the city’s Housing and Redevelopment Authority, voted to approve CBRE as the listing agent.

City officials had once envisioned a tower of condominiums over an indoors farmers’ market, but the private sector balked during the recession.

Demolition and construction started and stopped as three developers walked away from the site.

The city then decided to build on its own a $13 million, five-story luxury apartment building composed of studios and one- and two-bedroom units. The Lofts opened in February 2012.

“I’m confident this is going to prove us all geniuses,” said city council member Dave Thune, who served as chairman of the HRA board when the council approved the project in 2010 over the strong objection of some members.