After 40 years of buying and selling buildings, developer Todd Russell is retiring from the real estate business and putting his final remaining property on the market, a decision that is already reverberating within St. Paul’s toniest business district.
Russell, who opened his namesake restaurant less than two years ago, will soon shutter Russell’s as he seeks to sell 658-664 Grand Ave., which is home to a mix of tenants.
The Crocus, as the site is known, sits between Dale and St. Albans streets and also hosts Mick’s Liquor Store, private office suites and residential apartments. The two-story structure dates to 1928 and spans 18,000 square feet along the city’s most prominent commercial corridor. The offering memorandum asks for $3.85 million.
“It has been an honor and a privilege to be a part of the Grand Avenue community since childhood,” said Russell, in a written statement. “This decision was not made lightly, but the time has come to pass the torch to the next generation of leaders who will continue to grow and strengthen this incredible neighborhood we call home.”
Russell said the restaurant’s last service will be Saturday, May 9. He’s hopeful that there will be a buyer to announce before then, as he said there’s been a lot of interest in the property.
“In a perfect world, we find a restaurateur that has an interest in controlling their own destiny by owning a building,” he told the Pioneer Press. “All of the major infrastructure is already there.”
The building will not be sold to just anybody, Russell said. He wants his legacy to live on in the space, one way or another.
“I’m in control of what’s happening with that building,” he said. “I decide who buys it. This is not transactional. We’ve invested a lot of blood, sweat and tears, and we want to do right by Grand Avenue.”
Hayden Hulsey, a broker with RE/MAX Results Commercial, said his company sold the building to Russell toward the end of 2022. He quickly began serving steaks, pork rib, salmon and walleye alongside classic cocktails (and variations thereof).
Glowing red signs are lit on Nov. 7, 2024, at Russell’s, a new restaurant on Grand Avenue. (Jared Kaufman / Pioneer Press)
Pork spare ribs are served with an apple slaw and barbecue sauce on Nov. 7, 2024, at Russell’s, a new restaurant on Grand Avenue. (Jared Kaufman / Pioneer Press)
Art lines the dark brick walls at Russell’s, a new restaurant on Grand Avenue, on Nov. 7, 2024. Formerly Tavern on Grand, the space has been given a makeover from its former cabin-like feel. (Jared Kaufman / Pioneer Press)
Spicy tuna tartare with avocado is composed as a one-bite sample during a preview event on Nov. 7, 2024, at Russell’s, a new restaurant on Grand Avenue. (Jared Kaufman / Pioneer Press)
A smashburger is topped with white cheddar cheese and bacon jam on Nov. 7, 2024, at Russell’s, a new restaurant on Grand Avenue. (Jared Kaufman / Pioneer Press)
A roasted half chicken is served with roasted vegetables on Nov. 7, 2024, at Russell’s, a new restaurant on Grand Avenue. (Jared Kaufman / Pioneer Press)
Swedish meatballs, with a mushroom gravy, are presented as a sample during a preview event on Nov. 7, 2024, at Russell’s, a new restaurant on Grand Avenue. (Jared Kaufman / Pioneer Press)
Beet salad with goat cheese and walnuts, is composed as a one-bite sample during a preview event on Nov. 7, 2024, at Russell’s, a new restaurant on Grand Avenue. (Jared Kaufman / Pioneer Press)
Todd Russell at Russell’s, the new restaurant in the former Tavern on Grand space in St. Paul on Nov. 7, 2024. (Jared Kaufman / Pioneer Press)
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Glowing red signs are lit on Nov. 7, 2024, at Russell’s, a new restaurant on Grand Avenue. (Jared Kaufman / Pioneer Press)
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The space was previously occupied by Tavern on Grand since 1990 and Scanlon’s Irish Pub and O’Connell’s pub before that.
“He opened it up, put a bunch of money into it — interior and exterior improvements — overspent and made it beautiful,” Hulsey said. “And now he’s retiring and moving on.”
Hulsey said Mick’s Liquor Store has “a lease in place for a number of years” and “is looking to stay. Everything else is full. You have three offices upstairs and five apartments upstairs. (Russell’s) is positioned perfectly for the next operator to come right in.”
Russell has previously owned a variety of St. Paul buildings and has operated as a consultant for owners of high-end commercial retail structures.
Dining and Cooking