On a cold Wednesday in April of last year, the Minnesota Twins lost an otherwise forgettable game to the Los Angeles Dodgers at Target Field. But elsewhere the Pohlad family, the team's owners, and their development company were doing much better.
The team and United Properties on that day signed a series of complex agreements for Target Field Station, a project next to Target Field that is part transit station, part parking ramp and part public gathering space. It gave the Pohlads naming rights, access to hundreds of parking spaces and even the ability to erect a large video board — all on public property.
It was another sign that, in the five years since the publicly subsidized Target Field opened, the Pohlads have been doing at least as well outside the stadium as their team has been doing in it.
Though United Properties seemed slow to realize the ballpark's ability to launch nearby development, the company has since made up for lost time. United Properties has bought the adjoining Ford Center office building, inserted the Pohlad-owned radio station into it and lured the bone-marrow transplant nonprofit Be the Match into a new building going up across the street. It also announced plans for a tall office building next to Target Field Station and has joined in an attempt to build a soccer stadium just down the street.
The team also has an option to develop a 3.2-acre land parcel across from Target Field. Under a series of agreements with the Minnesota Ballpark Authority, the public entity that owns the ballpark and the parcel, the option extends until 2025 but the Twins have not made rent or option payments on the property because of other contributions the team has made.
"They were not active in this area — not at all," said Kit Richardson, a principal at Schafer Richardson, another commercial development company that has been active near Target Field. "I'm guessing it was the ballpark" that changed things.
Schafer Richardson originally owned the 11-story Ford Center, and Richardson said the Twins initially wanted to lease offices in the building as Target Field was being built. "At some point, they just said, 'No, we'd like to just buy the building,' " said Richardson. The market value of the Ford Center has risen to $28 million since construction started on the baseball stadium.
United Properties was largely a suburban developer when Target Field was being built, and United Properties President Frank Dutke said it was Jim Pohlad — the Twins' chief executive and United Properties' board chairman — who instructed the company to buy the Ford Center.