Target Corp. workers may or may not be returning to downtown Minneapolis, but their boss is getting the hell out.
Brian Cornell, who has served as CEO of the locally based retail giant since 2014, just listed his three-bedroom, three-bathroom, 2,662-square-foot condo for $1.57 million. Situated above the Hotel Ivy ("an iconic luxury hotel"), 201 S. 11th St. #2220 is a five-minute walk from Target's corporate HQ on Nicollet Mall.
"Luxury city living at The Ivy!" exclaims the Lakes Sotheby's International property listing. "Newly renovated corner unit by the current owner. Sprawling two bedroom + den with floor-to-ceiling windows offering incredible views from every room sunrise to sunset."
(The current den, the listings explains, can be converted into a third bedroom, in case you're experiencing any two vs. three bedroom confusion.)
Among the various executive niceties: freshly renovated kitchen, master suite, private balcony "with gas line," two valet parking spots, convenient skyway access, and a $2,089 monthly HOA fee that presumably maintains the pristine lobby/gym/bar/spa below. Enthusiasts of the colors white and greyish brown will find a lot to like.
By local titans of industry standards, Cornell's newer-construction condo is actually modest. Last month Racket brought you news of Jim Pohlad's historic $7 million loft, which remains the most expensive home for sale in Minneapolis proper. Cornell bought his place for $1,084,500 in 2020, according to county records.
Prepped with banger questions like "How much of the furniture was sourced from Target?," we asked listing agent Julie Regan to chat about the property. We're also curious how many KFC, Pizza Hut, and Taco Bell meals went down at that gourmet kitchen, considering Cornell acts as a non-exec chairman at Yum! Brands Inc., the world's third-largest fast food company. Didn't hear back.
You might have dumb Qs of your own like: Was Cornell "house poor," and thus forced to downsize? Not likely. The CEO's annual compensation package totals around $20 million, meaning his pay is about 805 times higher than the median Target worker's; that figure dramatically outpaces the typical CEO vs. worker pay gap of 351:1, according to the Economic Policy Institute. Target workers, meanwhile, are subjected to relentless anti-union propaganda, though it doesn't seem to be working: Employees at a Christiansburg, Virginia, store recently became the first to file for a union election. Will any shops begin unionizing in Target's corporate backyard of Minnesota? "None to our knowledge at this time," a rep with Target Workers United told Racket last month.
Let's take a photo tour of Cornell's luxe pad, courtesy of the MLS: