Minneapolis Mayor Backs City Center on Nicollet Mall for New Timberwolves and Lynx Arena
The Mayor Names His Pick
Minneapolis Mayor Jacob Frey has publicly backed the City Center complex on Nicollet Mall as his preferred site for a brand new Minnesota Timberwolves and Lynx arena. Frey described a vision of fans walking straight down Nicollet Mall to games and concerts, creating a pedestrian-first experience in the core of downtown Minneapolis. The City Center property went on the market earlier this year after Minneapolis-based Target Corp. paid to end the remaining five years on its lease in the building.
Timberwolves owners Marc Lore and Alex Rodriguez have not commented on City Center specifically, though the team has previously stated that downtown Minneapolis is the primary focus for a new arena. Ownership has also expressed interest in controlling surrounding land to develop a full entertainment district around whatever site they choose.
What Is City Center and Why Does the Size Matter?
City Center is a full city block in the downtown Minneapolis core and is larger than Target Center. That size advantage is one of the central reasons the Timberwolves and Lynx are pursuing a new venue in the first place. The complex includes an indoor shopping area and a 1.2-million-square-foot office tower. According to Hennepin County records, the tower is currently valued at $117 million, though the Business Journal noted that similarly sized downtown buildings have sold for significantly less. The property is owned by an LLC connected to South Korea-based Samsung.
The Obstacles Are Real
Redeveloping City Center would not be a clean project. Demolishing the office tower could cost up to $1 million per floor, according to sources cited by the Minneapolis/St. Paul Business Journal. A Marriott hotel on the same block is under separate ownership by Host Hotels and Resorts of Maryland, adding another layer to any deal. Mayor Frey pointed to the adjacent Dayton's Project building, which is largely vacant and currently facing a foreclosure effort, as a potential piece of the entertainment district land package that ownership is seeking.
A Second Site Remains in the Conversation
The Farmers Market site near the edge of downtown Minneapolis has also been discussed as a potential arena location. Mayor Frey acknowledged it offers possibilities but did not specify the drawbacks. Nothing has been decided. The arena process is still in an early stage, and multiple sites are still being evaluated.
The outcome of this arena search will shape downtown Minneapolis for a generation. New development, neighborhood dynamics, and infrastructure investment all follow wherever a major sports venue lands. This is a story worth tracking closely as the Twin Cities real estate market continues to evolve.
Thinking about buying or selling in the Twin Cities? Let's talk. Text Darin Bjerknes at 612-702-5126 or DM on Instagram @darintheminnesotan.
