Target Might Fulfill Vornado’s Downtown Crossing Dreams

The contentious Downtown Crossing project in Boston might finally be gaining traction as discount retailer Target mulls opening a store near the site.

Article Tools

Latest News

More Latest News

On Tuesday Boston Redevelopment Authority (BRA) Director Peter Meade confirmed the Minneapolis, Minn.-based discounter has been looking at several sites in the city, including in the former Filene’s Basement building near One Franklin Street.

The 1.2-million-square-foot mixed-use project has been lingering unattended since 2008, when developer Vornado Realty Trust stopped construction, citing financing troubles.

Target would be the perfect candidate to put some life back into the property, according to Howard Davidowitz, chairman of Davidwoitz & Associates Inc, a New York City-based retail consulting and investment banking firm. It’s popular with people from multiple income brackets and tends to draw crowds of shoppers.

“To move this project forward you need a destination that’s going to drive a huge amount of footsteps,” Davidowitz says. “No one can compare to Target in terms of being a destination and generating traffic.”

Earlier this year, Target Corp., which normally operates megastores averaging 135,000 square feet, launched a small format store called CityTarget as a means of breaking into urban markets. The retailer already announced one such store in a historic landmark building on South State Street in Chicago. That store will total approximately 54,000 square feet.

Boston appears to be its next mark, according to comments made by Meade during a breakfast meeting presented by the Greater Boston Chamber of Commerce.

The vacant Filene’s property in Boston contains approximately 250,000 square feet, including its basement, and is listed in the National Register of Historic Places. Given that the location is only two miles away from Target’s store at South Bay Shopping Center, however, the deal would have to be a bargain for the retailer, notes Robert Sheehan, vice president of research with KeyPoint Partners, a Burlington, Mass.-based commercial real estate services firm.

The Boston Herald cites a potential price tag of $30 million for the building.

A Target spokesperson confirmed that the retailer is exploring options for a new store in Boston, but would not reveal any details about the search. Vornado declined to comment.

To continue reading the piece, go to RetailTraffic.com.


Acceptable Use Policy
blog comments powered by Disqus

Photo Galleries

New York's Star Deals

http://nreionline.com/images/nyc_big_deals_homepage_thumb.jpgThe city that never sleeps is also the city that never stops growing, not even in the midst of recession. And deals, both bold and unprecedented, continue to be done. Check out image of New York's big deals.

Hudson Yards Development

http://nreionline.com/photo_gallery/hudson_yardsCheck out images for Coach's new global headquarters, which will anchor the initial tower of the Eastern Rail Yards site within the 26-acre mixed-

Videos

JLL at ICSC 2012

http://nreionline.com/video/bjorson_thumbnail.jpgCheck out these videos from JLL at ICSC 2012 in Las Vegas...

 

Click here to view more videos.


This Week's Most Popular

Current Issue

http://nreionline.com/april2012_cover.jpg

NREI Newsletters



Retail Traffic Newsletters

View NREI Newsletters

NREI Newsline
NREI Seniors Housing Finance and Development
NREI The Green Sheet
NREI Institutional Outlook
NREI Distressed Real Estate Strategies
NREI Daily/Central
NREI Daily/New York
NREI Daily/New Jersey
NREI Weekender
NREI Global Real Estate Monitor
REIT Insider
Retail Traffic Online
The Site Optimizer

Blogs


http://nreionline.com/blog/schein_blog_headshot.jpg

Real Vox

Traffic Court

The Full Nelson

Events

Strategic Real Estate Investment Conference

Date: Thursday, June 7, 2012
Time: 7:45AM-6:00PM
Place: 1290 Avenue of the America, 5th Floor
What: A full-day event exploring portfolio diversification through opportunistic and alternative investments....

Click here to view more events...

http://nreionline.com/nrei-300x125-house-091211-resourcebook-jpg.jpg

Join the Conversation