The price tag on the Target Center renovations increased to at least $138 million with the addition of at least $9 million from the Minnesota Timberwolves and Lynx owner, the professional basketball teams announced Tuesday.
The overhaul of Target Center has been underway for months and is expected to be finished sometime this year with the final work being done on concourses, the seating bowl and restrooms.
The latest infusion from Timberwolves-Lynx owner Glen Taylor will go toward fortifying the building’s Wi-Fi, new seats, a new railing in the lower bowl, more digital signs and a new skyway off the back of the arena. Taylor, who also owns the Star Tribune, will contribute another $9 million to $12 million.
With the opening of U.S. Bank Stadium in August, Target Field in 2010 and relatively recent upgrades to Xcel Energy Center in St. Paul, Target Center’s desirability as an event site has faded. The center’s renovations, first proposed in 2011, aim to make the building a more comfortable — and profitable — place for fans. The multiple Twin Cities arenas compete to book events. Last summer, U.S. Bank Stadium entered the mix, hosting Luke Bryan and Metallica.
The city of Minneapolis owns Target Center and early last year approved spending $74 million in sales tax dollars for renovations. Taylor’s teams were to contribute $49 million, with building operator AEG contributing almost $6 million. Now Taylor’s contribution will be at least $58 million.
The renovation includes redoing the building’s exterior, creating a glassy new entranceway, adding loading dock space, reconfiguring some interior fan areas and adding more premium amenities. Those suites and club seats are already completed and open to fans.
Taylor said in a news release that the aim of the project is to extend the life of “a tremendous community asset.”