$97 Million Target Center Renovation Announced
By Gabriel Circiog, Associate Editor
The city-owned Target Center is set to undergo a $97 million renovation which is scheduled to begin in 2014. The announcement of the agreement to renovate the 23-year-old Target Center was made by Minneapolis Mayor R.T. Rybak, City Council President Barbara Johnson, Minnesota Timberwolves and Lynx owner Glen Taylor and Target Center General Manager Steve Mattson of operator AEG.
Target Center has proven that it is an important asset for the Minneapolis economy, being the 22nd busiest building in the country. The building hosts 200 events, 1 million visitors a year and generated $100 million in economic impact and between $10 million and $15 million in state and local taxes annually.
“This creative, pragmatic agreement ensures continued economic vitality in downtown Minneapolis, and breathes new life into a building with great memories and an even greater future,” Rybak said in a press statement.
The design phase of the project will begin later this year and the renovation works will start in 2014. The renovation is expected to be completed within 18-24 months. The plan calls for a redesign of the exterior, an increase in the seating capacity for concerts and family shows, additional gathering and meetings spaces, as well as improvements to pedestrian flow and easier access in and out of the building.
The renovation project will create 850 construction jobs and for the following 20 years, Target Center will continue to support 200 full-time and 700 part-time jobs. The agreement will also see the NBA Timberwolves and current WNBA champions Lynx playing in the Target Center through 2032. According to the terms of the agreement AEG will continue to operate the Target Center through 2032.
“The Timberwolves and Lynx have enjoyed a great partnership with the city throughout the years,” Taylor said. “I am proud of the work we did to reach this agreement and I am extremely pleased that we will be spending the next 20 years in Target Center.”
Of the total $97 million cost of the renovation, the City of Minneapolis will pay $48.5 million, The Timberwolves and Lynx will pay $43 million and AEG will contribute $5.5 million.
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Photo Courtesy of: www.targetcenter.comTags: AEG, Architecture/Design, Commercial, Consumer, Consumer Type, Developers, Development, economy, Finance/Investment, Financiers, Hospitality, Investors, Local, Lynx, Maintenance, Managers, Mayor R.T. Rybak, Minneapolis Lead Story, Minneapolis Target Center renovation, Minnesota Timberwolves, Municipal, National, operations, Owners, Policy, Professional, property management, Property Type, Regional, Target Center