Minnesota Timberwolves Arena to Get a $97 Million Renovation

by October 28, 2013

The Target Center is getting a much-needed facelift, to the tune of $97 million. From the press release: “The City of Minneapolis, the Minnesota Timberwolves and Lynx and Anschutz Entertainment Group (AEG) announced today that the negotiation teams have agreed to the major terms of a $97 million deal to renovate the 23-year old city-owned Target Center. Minneapolis will contribute $48.5 million to the project, the Timberwolves and Lynx will pay $43 million and AEG will pay $5.5 million. After months of talks, an agreement on a term sheet capturing the details of this public-private partnership has been reached. The deal will be presented to the Minneapolis City Council in the next few weeks. ‘The new Target Center will be stunning. I am thrilled that Timberwolves and Lynx fans will soon have a first class experience when they come to our games,’ said Glen Taylor, majority owner of the Minnesota Timberwolves and Lynx professional basketball teams, which both use Target Center as their home. ‘This is a fair and sensible solution. Target Center has a perfect location and good bones, so we’re excited about building something truly special on that strong foundation.’ While design details will be finalized in the months to come, some elements of the renovation are already known. The renovation will improve the fan experience at all ticket level prices, with additional clubs and gathering spaces, as well as improved traffic flow. The exterior will also be updated to fit in better with Target Field and the surrounding neighborhood.”