Life Time Fitness has signed a 12-year extension on its lease at the Target Center and agreed to spend millions of dollars renovating the gym, officials announced today.
The move is in line with Minneapolis’ plans for major upgrades at the city-owned Target Center.
The agreement – which was to expire at the end of this month - stipulates that it will automatically extend to 2028 if the Minnesota Timberwolves’ lease at the Target Center extends beyond 2025. Minneapolis is still negotiating with the NBA team on details of the downtown arena’s renovations, which are expected to cost at least $100 million.
The Target Center’s Life Time Fitness is the only one of the health and fitness facilities that has not benefited from a transformation since they were acquired in 2006, said Life Time President and CEO Bahram Akradi in a statement. “With the positive progress being made around renovations for the entire Target Center facility, we are pleased to enter into a lease extension that supports a significant investment in this club,” he said.
City Council approval is expected on February 22, after the Community Development Committee reviews the extension on February 12 and the Ways & Means/Budget Committee weighs in on February 19.