The Lumber Exchange Building was constructed circa 1890 by Stillwater, Minnesota’s lumber barons during the boom years of logging on the St. Croix River. It was built by the Union Depot & Transfer Company (who also built Union Station, Stillwater’s train depot in 1887 which is directly to the North) on the first modern business block in the city. It continued to be an important building in Stillwater for more than 100 years. Upon its debut in 1890, it was equipped with modern heating, plumbing, electricity, and even had an elevator, one of the first in the state.
Its early occupants included the famous and wealthy lumber merchants from the Stillwater area. The site features ten large walk-in vaults, which were used to house the wealth of the rich lumber families. The first floor contained storefronts, a post office, a barbershop, and an upscale saloon.