MnSPE Foundation

Later, the 555 Park Building in St. Paul, owned by a partnership, was sold. The money was donated to the Foundation. MnSPE President Howard Loomis’ leadership was instrumental in building the Foundation during this era.

Since then, many individuals and companies have donated to advance engineering and STEM education in Minnesota.

Today the two organizations continue to foster the next generation of engineers. MPEF is just one of many opportunities for members of MnSPE to influence the future of engineering in Minnesota.

In the late 1960s, a group of engineers from the Minnesota Society of Professional Engineers outlined the idea to construct an office building. The concept was to combine the goals of providing office space for MnSPE and the leasing of the rest of the building as a source of income. The dream was that with a source of funds beyond member dues MnSPE could support lobbying and continuing education of engineers.

A small group of dedicated MnSPE members worked tirelessly to achieve the first step of constructing the building. They set their sights on 555 Park Street, at the corner of the Park Street and Charles Avenue in St. Paul, because of its proximity to the Minnesota State Capitol building. This was a long-range project, requiring purchasing seven different properties and managing the properties until they were rezoned for commercial use. After rezoning they proceeded to building design and prepared for construction. MnSPE members were encouraged to buy debentures to help finance the project. By July 1977, MSPE entered a ground lease with the construction company Kraus-Anderson.

As the realization of the financial magnitude of the project set in, it was decided that the office building venture should become an entity with some separation from MnSPE. 555 Park, Inc. was established, and the dedicated group of members stuck with the project through completion of the building in 1981 and beyond, managing the building. By 1990, the building was turning a moderate profit, but by 1999 the 555 Park, Inc. Board of Directors reached a critical decision when they evaluated the future earnings potential. They decided that the corporation had reached its maximum earning potential, and it was a good time to dissolve the organization.

In 2000, the shareholders opted to dissolve 555 Park, Inc. Most company shareholders donated the funds from their share of the sale proceeds to the Minnesota Professional Engineers Foundation, to be used for engineering student scholarships; a decision once again, with members choosing to invest in the future engineers of Minnesota.