Target is looking to be the bull’s-eye in a new 150-acre development near DIA.
The national retailer purchased 10.6 acres along 56th Avenue just west of Tower Road for a touch under $7 million last week. It plans to build a 151,000-square-foot store there, BusinessDen previously reported.
A Target spokesperson said no opening date for its Green Valley Ranch store has been set yet. The retailer’s closest existing store is in The Shops at Northfield in Central Park.
The new store will anchor a 150-acre master-planned development, dubbed Link 56, in the blocks between 56th and 60th Avenues along Tower Road.
Illinois-based developer Kensington and British firm IM Properties purchased the development site for nearly $30 million at the end of March, public records show. The deal works out to $5.40 a square foot for the land.
Development plans call for 30 acres of retail along 56th and Tower, with 2,000 residential units filling in the interior of the square-shaped site situated just south of the 61st & Peña Station light rail stop. Kensington and IM will also dedicate 27 acres for parks and open space, connecting the development to the Rocky Mountain Arsenal National Wildlife Refuge.
Target’s construction will be part of the first phase of development, the two companies announced Monday. That work also includes building 214 apartments across 13 buildings, creating 170 two-story townhomes on 11 acres and dropping in more retail to complement them.
The total price tag on phase one’s work: $235 million, according to the announcement, with construction to begin immediately. Public records show IM and Kensington received a $33 million loan from Chicago-based Wintrust Bank at the end of last month.
One retailer that could be joining Target is Chicago-based hot dog and beef sandwich joint Portillo’s, which BusinessDen previously reported is considering a location at the northwest corner of 57th Avenue and Tower Road.
Another developer has entered the mix, too.
Lasco Development Corp., based in Houston, Texas, purchased a 1.3-acre site adjacent to Target’s for $4.95 million. The site, along 56th, is for a 7-Eleven, public records show.
This story was originally published by BusinessDen.
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