2025 Annual Comprehensive Financial Report

The City’s taxable market value is $8.70 billion for taxes payable 2026, which is an increase of $412 million or 5.0 percent from last year. New construction accounted for $238 million of the increase in value. Residential housing makes up 45.8% of the 2026 tax capacity base. For the valuation used to calculate the 2026 property tax statements, the median value home in the City of Shakopee is $361,300 compared to $350,700 in the previous valuation.

The following projects are expected to begin construction in the near future or are currently under construction in the City:

Business Development

 St. Francis Ambulatory Surgery Center – A 43,600 sq. ft. outpatient surgery building, operated by Tria Orthopedics, opened.  Boardwalk Kitchen & Bar opened at 1125 Shenandoah Drive, Shakopee. The 6,000 sq. ft. restaurant includes a trackside dining space on an 18,000 sq. ft. patio along Canterbury Park racetrack, and a 10,000 sq.ft. Hall for concerts or events.  Mystic Lake Amphitheater construction continued through 2025 and is scheduled to open in June 2026. This is Minnesota’s largest outdoor constructed music venue with 19,000 capacity.  Leann Chin - opened in an existing building near the intersection of Highway 169 and Mystic Lake Dr.  A 28,700 SF multi-tenant office building at 2941 Winners Cir Dr, near Canterbury Park was completed and includes the headquarters for Danny’s Construction and offices for Edward Jones.  Mr. Pig’s Smokery and OG Zaza pizza and Discover Strength opened in a new building March 2025 at 2875 Winners Circle Drive.  Shakopee Gravel Pit- 140-acres owned by Shakopee Gravel, Inc. & M. Hawkins is proposed to have 155 Single-family, 110 attached townhomes, 74 detached townhomes, up to 534 apartments, 174,000 sq. ft. of commercial space and approximately. 24 acres of open space along with a water treatment facility owned and operated by Shakopee Public Utilities. The site is located South of 17th Ave E and West of Mystic Lake Dr. The Hawkins property was purchased by the utility in April 2026. Overall private development is estimated at over $500 million.  Shakopee Public Utilities Substation- At the intersection of Hansen Ave and Maras St. The conditional use permit has been approved.  Southern Valley Alliance- A completed 4,000 sq. ft. office building along Holmes St S and 3rd Ave E.  Legacy Central Senior Apartments, 125 6 th Ave. E., and the CDA, 100 5 th Ave. E., opened a new complex in 2025 along with new offices for the CDA.  Valvoline Instant Oil Change- Located near the intersection of Highway 18 and Highway 21, an approximate 2,000 sq. ft. building for a 3 bay oil change facility is under construction.  GN Resound – opened its North American headquarters on Dean Lakes Blvd. in a 218,437 sq. ft. building (former Shutterfly). The facility employs more than 600 people and includes manufacturing, marketing, research and development and distribution.

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