Tax Assessed Value: $15 Million; Market Value: ???
Where: 3701 Wayzata Blvd. near border of Minneapolis, Golden Valley, and St. Louis Park.
What: Nine-story, 400,000 square foot office building and 24 surrounding acres in an unparalleled setting close to city lakes, 394, and downtown Minneapolis.
Who: owned by Target.
When: for sale this Fall.
How much: the $64 thousand (million??) question . . .
According to the Star Trib, Target intends to sell its west campus off 394 near Theodore With Park in Minneapolis.
The property consists of an iconic, 1950’s office building (built by Prudential), and 24 very desirable acres of land.
Potential Teardown “New Construction Opportunity?” Maybe
What’s it worth?
I don’t know about the building’s commercial value, or whether the property’s zoning could be changed to allow residential development.
But, I know that choice, .25 acre lots in some very nice adjacent neighborhoods — including west Cedar Lake and South Bryn Mawr (Minneapolis), South Tyrol Hills (Golden Valley) and Lake Forest (St. Louis Park) — can easily fetch $350k to $500k (or more).
Based on those numbers, the land alone is potentially worth north of $40 million.
That compares with its current tax assessed value (land only) of $12 million.
Development Politics
And no, I can’t imagine the neighbors want to see the parcel (re)developed.
But, they should keep in mind that the traffic associated with 100 or so new homes is still going to be less than the activity of 1,300 daily employees (Target’s current head count at the location).
And the government would certainly like all those new property taxes: by my math, well over $1 million a year.
