Target to expand Brooklyn Park campus by ... - Finance & Commerce

Posted: 11:10 am Mon, January 23, 2012
By Chris?Newmarker
Tags: Brooklyn Park, Jason Aarsvold, Target

Target Corp. is planning 700,000 square feet of additional space at its Brooklyn Park campus, and intends to quadruple its workforce in the city to 5,200 by 2014, according to environmental review documents posted on the city?s website.

The Minneapolis-based retail giant presently has 561,000 square feet of office space and 130,600 square feet of technical support space located in four office buildings and two technology buildings at its Target North Campus, which sits on ?330 acres northeast of U.S. 169 and Highway 610.

Target?s initial plans call for a 700,000-square-foot project, but it could construct even more down the road. In total, Target is seeking an environmental review that would examine the effects of a total 1.1 million square feet of extra office space. Future plans also call for 300,000 square feet of commercial space south of 97^th Avenue North and the office campus.

The 700,000-square-foot figure is much larger than the figure of at least 350,000 square feet previously listed in documents filed with the city. Jason Aarsvold, Brooklyn Park?s economic and redevelopment director, says his understanding in the past has been that Target would initially start building something around 350,000 square feet in the first half of 2012, with more construction coming in the next 18 months.

Aarsvold still expects the city to provide Target an initial $1.7 million to $2.5 million subsidy based on the 350,000-square-foot figure. If Target starts building more than that in the next six months, the city would seek to hammer out some kind of property tax abatement arrangement for the additional square footage, he said.

The money for the subsidy comes from $5 million to $6 million in funds that Brooklyn Park has available in its three existing tax increment financing (TIF) districts. Target will then forgo abatements of a similar amount that it would have received for the new construction in coming years under a previous 2006 agreement.

The environmental review plans show three new office buildings at the Target North Campus: two that are four to five stories and 350,000 square feet apiece, and one that is five and a half stories and 439,000 square feet.

This entry was posted on Monday, January 23rd, 2012 at 11:10 am and is filed under Business & Economy, Construction & Development. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.

Source: http://finance-commerce.com/2012/01/target-to-expand-brooklyn-park-campus-by-700000-square-feet/

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