Plymouth's massive former Prudential campus is turning into a mixed-use district that could soften future property-tax increases for homeowners. But the promise comes with a very Minnesota-sized asterisk: residents should still expect their bills to rise in 2027, just not as quickly as they might have without the redevelopment.
The 75-acre Boulevard project near I-494 and Bass Lake Road has already lifted the site's assessed value from a 20-year low of $21 million in 2024 to $54.8 million for taxes payable in 2027, according to KSTP. Mayor Jeffry Wosje told the station the completed redevelopment could reach at least six times the old value, potentially topping $150 million as new apartments, businesses and offices come online.
Why A Bigger Site Value Could Help
Minnesota's property-tax system spreads local levies across taxable properties, so adding value in a formerly underused commercial site can reduce the share carried by other properties. The Minnesota Department of Revenue notes that a property's changing value can redistribute the burden within a jurisdiction even though it does not, by itself, change the total amount of taxes collected.
For Plymouth homeowners, that relief would be partial. The city accounts for about 25% of a homeowner's total property-tax bill, while schools, Hennepin County watersheds and other taxing jurisdictions collect the rest, KSTP reported; Plymouth's overall assessed market value is about $19 billion.
That is why Wosje's pitch is about slowing growth rather than delivering a tax cut. Homeowners will not see their property taxes fall for taxes payable in 2027, but the Boulevard is expected to help keep increases lower than they otherwise would have been.
From Corporate Campus To A New District
The redevelopment is designed to replace one large corporate property with a mix of uses, including medical offices, grocery and liquor retail, a bank, apartments, business space and a future park. The City of Plymouth says it approved a mixed-use designation for roughly 75 acres at the former Prudential site.
Parts of the new district are already taking shape. The Boulevard project website says Summit Orthopedics and Coborn's Market & Table are open, while Belterra, the first multifamily phase, includes 207 apartments; the broader build-out is planned in phases with more retail, restaurants and housing.
The tax-base angle is not new to Plymouth's planning strategy: earlier Boulevard coverage detailed plans to bring retail, dining and housing to a site once dominated by a single office use. The updated assessment numbers add a more direct fiscal measurement to that redevelopment story.
The Long Game For Homeowners
Wosje expects the full site to be finished in roughly three to four years, meaning its assessed value could continue to change as buildings open and leases fill. Even then, the project alone will not remake Plymouth's tax bills; its effect will depend on the city's future levy, the value of other properties and the separate demands of schools, the county and watershed districts.
