Developers plan $400M mixed-use complex near Minneapolis race track
- The owners of a racetrack, gaming and event center southwest of Minneapolis, have revealed plans for a $400 million "live-stay-work-play" redevelopment adjacent to their existing operations, according to the Shakopee Valley News.
- Canterbury Commons would take up 380 acres in Shakopee, MN, according to a company press release, with the first phase including multifamily housing, a 55+ residential co-op, retail space and an office park. Future development would also feature restaurants, theme hotels, an indoor-outdoor entertainment plaza, and a "gateway development" at a major intersection.
- The residential portion of the project, which Canterbury officials consider an essential feature, requires rezoning to allow high-density development. A vote is expected to take place on Dec. 19. In addition, to help pay for the necessary infrastructure, project officials plan on proposing a tax increment financing (TIF) district.
Although Canterbury Park's revenues were up as of its last earnings report, the gambling industry could be at a tipping point. Though some still enjoy the traditional gaming experience, casino and other gaming operations owners are thinking ahead to come up with non-gambling attractions to draw in visitors, particularly millennials.
According to a report from the Associated Press, Las Vegas casino owners are rethinking the gaming experience with outdoor recreation areas, nightclubs, e-sports arenas and skill-based games rather than those that rely on luck. In fact, independent research firm Spectrum Gaming Group identified skill-based games as one of the top gambling trends for 2018.
But there is still plenty of room for traditional casino and resort developments, and November has seen two such major projects enter the planning stages.
Baltimore-based Cordish Cos. announced that construction of the $600 million Live! Casino and Hotel Philadelphia project in South Philadelphia is scheduled to begin in 2018. That development, located near the city's major professional sports venues, will feature 2,000 slot machines, 125 gaming tables and more than 200 hotel rooms.
The Seminole Tribe of Florida, which already has a solid history of gaming operations, revealed its plans for a $1.5 billion expansion at its Hollywood, FL, property. The focal point of that 10-acre addition will be a 450-foot-tall, guitar-shaped hotel tower, but will also include a "Bora Bora Experience" as part of its new beach club, a 7,000-seat live performance venue and a doubling of the casino's current space.
- Shakopee Valley News Canterbury lays out $400 million redevelopment plan
- Canterbury Park Canterbury Park Unveils Redevelopment Plan
Follow Kim Slowey on Twitter