Downtown's growth in all areas last year -- office, retail, and even residential -- can be credited in part to Target. Experts agree that the retailer's exponential growth has meant more people working and living downtown, which in turn drives other businesses in the area.
"If there are five key factors to downtown growth, they are Target, Target, Target, Target, and Target," says Russel Nelson, presdient of Nelson Tietz & Hoye, a Minneapolis commercial real estate and project management firm. Target employs approximately 10,000 "team members" in the downtown area, up from about 7,000 employees at the beginnin of 2003, Michaud says.
Meanwhile, the vacancy rate for office space downtown dropped to 19 percent in the third quarter of last year, after hovering above 20 perrcent for most of the previous three years.
The article goes on to make mention of the fact that the Target expansion is happening, not in downtown, but in Brooklyn Park -- far to the north [sic].
It begs the question: Is the "downtown revival" overblown? Is it mostly due to one corporation's growth? Or, is it part of a bigger lifestyle/mindset change?