The Opus Group plans to buy and revamp Target Corp.’s west campus along Interstate 394 in Minneapolis.
The Minnetonka-based development company has a purchase agreement for the property, according to Opus.
The nine-story building and about 24 acres of land has been deserted since 2016, when Target moved 1,300 employees from the site, located near the Minneapolis border with Golden Valley and St. Louis Park, to the company’s expanded Brooklyn Park campus.
The complex had originally opened in 1954, as the site for Prudential Insurance, before it was purchased by Target in 1994 for $9 million.
“We are extremely privileged to be in the early phases of reintroducing this prime office building to the Twin Cities market,” said Phil Cattanach, senior director of real estate development for Opus, in a statement. “As we look at the adaptive reuse of office space across our platform, we’re excited to have the opportunity to reinvent this trophy asset and usher in the next generation of leading companies to the highly desirable office corridor along Interstate 394.”
Opus said more information would be shared about the project as the company got further with planning.