City, AEG, Minnesota Timberwolves and Lynx Reach Next Milestone in Target Center Renovation
(MINNEAPOLIS) The City of Minneapolis, AEG, and the Minnesota Timberwolves and Lynx announced today that the organizations have signed a renovation development agreement, which is the next necessary step in moving the Target Center renovation project forward.
With the signed agreement, the renovation team is able to proceed into more detailed design drawings, bringing them one step closer to establishing the Guaranteed Maximum Price (GMP) that is needed before construction can begin. Construction is expected to begin during the Timberwolves' 2015-16 season and wrap up in the 2016-17 season.
Target Center will undergo a $128.9 million renovation to restore the building’s competitiveness and visitor experience. The Minneapolis City Council, Timberwolves/Lynx and AEG approved and contributed an additional $29.9 million to the renovation budget this March to ensure this project extends Target Center’s useful life in a responsible and sustainable way.
Target Center is a City-owned community asset that’s been heavily used for 24 years. It is the 6th busiest building in the nation, and 17th busiest in the world. It hosts about 200 events annually, and about a million visitors pass through its doors every year.