Target announced today it is opening a store in the Essex Crossing project on the Lower East Side.
The 22,500 square foot, “small format” urban store will be located on the second floor of a building now under construction at 145 Clinton St. The mixed-use building will also include a 30,000 square foot Trader Joe’s grocery store.
A Target spokesperson told the Wall Street Journal that the big box retailer “sees tremendous potential” in the New York City market. Full-size Target stores are often well over 100,000 square feet. The small format concept (ranging from 12,000-60,000 sf) had 32 locations at the end of 2016, the Journal reported. A rapid expansion of the smaller stores is planned during the next couple of years.
The Lower East Side Target store will be taking the place of Planet Fitness, which backed out of Essex Crossing after announcing in the fall of 2015 it would be coming to the 1.9 million square foot complex.
The first phase of Essex Crossing, on four sites, will be completed next year. In total, the project will bring more than 1,000 apartments, retail, office space and community facilities to the former Seward Park Urban Renewal Area. It is being built by Delancey Street Associates, a joint venture of L+M Development Partners, BFC Partners, Taconic Investment Partners and the Prusik Group.
UPDATE 5/1/2017 A few more details from a press release put out last night by Delancey Street Associates:
S. Andrew Katz of the Prusik Group said, “Throughout the planning process, the community made clear that a quality, affordable apparel and home goods retailer was a top priority for the neighborhood; we made a commitment to deliver that… With Target, Trader Joe’s, Splitsville Luxury Lanes, Regal Cinemas and NYU Langone’s medical center all slated to open next year, 2018 will be a banner year for Essex Crossing’s commercial spaces and really bring the site to life for the community.”
The Lower East Side location will be Target’s fourth store in Manhattan. The company already has stores in Harlem and Tribeca. A location in Herald Square is scheduled to open this coming fall. Target has announced plans for small format stores on East 14th Street and Hell’s Kitchen.
The LES store is expected to include: food and beverage items; health and beauty “brands most relevant to the diverse guest;” clothing and accessories for both young professionals and children; stationery and home items “dedicated to refreshing small living spaces;” and a CVS Pharmacy.
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