Major Plymouth Redevelopment Project ‘The Boulevard’ Poised to Boost Site Value, Impact Tax Growth
A major redevelopment project named "The Boulevard" on the former Prudential campus in Plymouth is expected to increase the site's assessed value significantly, potentially slowing future property tax growth for homeowners. The project, which will include residential, retail, and office…
Minneapolis St. Paul, MN, August 3, 2026 —
A significant redevelopment project underway in Plymouth, dubbed “The Boulevard,” is on track to substantially increase the assessed value of the former Prudential campus. This surge in property value is anticipated to impact the rate of future property tax growth for local homeowners.
The project encompasses the development of a mixed-use site that will feature residential units, retail establishments, and office spaces. The redevelopment aims to revitalize the former campus and contribute new amenities to the area.
Data indicates a dramatic rise in the assessed value of the property. For taxes payable in 2027, the site’s assessed value has climbed from an earlier figure of $21 million to a projected $54.8 million. This substantial increase is attributed to the ongoing development and the addition of new components to the project.
Further increases in the assessed value are expected as more residential units within “The Boulevard” project are completed and become operational. This ongoing expansion is a key factor in the escalating valuation of the property.
The potential consequence of this rising assessed value is a moderation in the growth rate of property taxes for homeowners in Plymouth. As the commercial and residential development on the former Prudential campus contributes a larger share to the overall tax base, the burden on individual residential properties may see a slower rate of increase than if the site’s value had remained stagnant.
Officials have indicated that the assessed value is expected to continue its upward trajectory. The full impact on the local tax structure will become clearer as the various phases of “The Boulevard” project are completed and assessed.
Story summarized from the original created by Renee Cooper on kstp.com, see more information here.
