One of the lures for state funding of Target Field was the potential for development in the North Loop area of downtown Minneapolis. While Target Field has certainly revitalized the downtown bar scene, it’s now potentially fueling tens of millions in additional real-estate investment.
Hines Interests had options on land surrounding the home of the Minnesota Twins long before the ballpark funding plan was finalized, and it looks like the developer is ready to move ahead on apartment, retail, condo and office development. The first phase, Dock Street Apartments, would be located north of the ballpark and feature 185 units. A second phase would include a larger 16-story residential tower, as well as retail.
Hines isn’t the only developer working in the area. United Properties, owned by the Pohlad family, is renovating Ford Center next to the ballpark to the tune of $40 million in investment; as part of the project the Shapco Printing building could be torn down as well.
There’s always the continual debate over the worthiness of investments in pro sports facilities. It’s clear the presence of Target Field in the downtown Minneapolis has made an impact on surrounding property values and brought a lot of new business to the area. Now that the economy is arguably on the mend, the developers are moving in to fulfill the promise of the area. It will take longer than anticipated, but you could make a compelling case for Target Field being a good public/private partnership.
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