Just Listed brings you the latest news and information from the Twin Cities-area commercial and residential real estate market and beyond from veteran reporters Jim Buchta and Kristen Leigh Painter.

Mortenson the finalist for Target Center reno

Posted by: Janet Moore Updated: June 23, 2014 - 12:05 PM

Minneapolis City Council is set to decide June 27 whether to accept Mortenson Construction to lead the $97 million renovation of Target Center, home to the Minnesota Timberwolves and Lynx.

Last month, a Design Committee recommended the Golden Valley-based firm, which built Target Center some 25 years ago. Mortenson is currently overseeing construction of the new $1 billion Vikings stadium, and led efforts to build Target Field.

Last month, City Council members voted to select Architectural Alliance and Sink Combs Dethlefs lead the design process.

A large portion of the renovation dollars for the city-owned Target Center will go toward "enhancing the visitor experience" for all events, including basketball games, concerts and family shows, according to a city news release last month. This includes improving the flow of entering and exiting the building as well as moving around inside Target Center. Other amenities will include a new scoreboard, new seats and additional gathering spaces throughout the arena.

The $97 million project will be split between the city, which is coughing up $48.5 million, the team, $43 million and operator AEG, $5.5 million. The city is also responsible for $50 million in ongoing capital improvements.

The public component of the project will be funded through sales taxes that are currently paying down debt on the convention center and are committed to the Vikings stadium. They are a 0.5 percent citywide sales tax, a 2.625 percent hotel tax and 3 percent downtown liquor and restaurant taxes.

There's a website for the project here.
 

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