Confirmed: Target Closes Deal on Ashland
The new CityTarget will officially take over the space on the corner of Belmont, Ashland and Lincoln.
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After months of rumors and a false confirmation, Target Corp. officially signed the papers and closed the deal to purchase the former LaSalle Bank Building at the corner of Lincoln, Belmont and Ashland avenues.
The almost 75,000-squre-foot building will be transformed into a new CityTarget, much like the one downtown on State Street or the one slated to open in October in Old Town.
Details like when shoppers may step foot into the new Target is still unclear. According to public relations representative Erika Winkles, nothing further than an official confirmation is available at this time.
“Chicago is a great market for Target and we continue to pursue new opportunities to serve guests there,” Winkles said in a statement. “I can confirm that Target has closed on the property at 3201 North Ashland Avenue. I have no additional details to share at this time.”
While it’s unclear how much the building was sold for, Midwest Real Estate Data LLC says the 51-year-old building was assessed at more than $1.2 million. That means the taxes in 2010 were close to $205,000.
The deal was reportedly done between the two parties on Wednesday.
“The old LaSalle building has gone through multiple planned developments in the past 10 or 20 years,” WLVN Board President Will DeMille said in January. “A lot of people like the Target. A lot of people are concerned about the Target being right in the gateway to Lake View and what that means for other businesses. There’s a general plus and minus, but the Alderman’s office is happy something is going in there to generate jobs.”
Some of those concerns stem from the rumor Target plans to bypass the need community negotiations by staying within the property’s current zoning, allowing for a three-story tall commercial building. Others are nervous about what a store that size could do to traffic patterns at the already dangerous intersection.
The site was formerly destined to be a $100 million mixed-use building with 130 new condos and 90,000-square-feet of commercial space. After being approved for construction by the city council in March 2007, however, the collapsing market took its toll, putting the project by Centrum Properties on hold.
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tony
7:21 am on Friday, February 8, 2013
I wouldn't be too excited about Target jobs. Better than vacant real estate I guess.
Garry Albrecht
10:03 am on Friday, February 8, 2013
The days when this intersection was a bustling commercial district are long gone but maybe a new energy for some sort of stable commerce with take hold once again.
Karskar
11:16 am on Friday, February 8, 2013
Can anyone explain the difference between a CityTarget and a regular Target? I haven't been to the one downtown. Thanks! Target wouldn't have been my first choice for that corner but maybe it will help revitalize that stretch of Lincoln Ave and bring back the 11 bus.
Andy Ambrosius
12:09 pm on Friday, February 8, 2013
I believe CityTargets are almost always two stories to be more compact in a prime downtown location. Other than that, it's a full-sized Target. The one on State Street is pretty awesome, in my opinion.
Sarah G.
3:02 pm on Friday, February 8, 2013
City Targets also try to be less intrusive into the streetscape, and many have big windows like a department store would have at sidewalk/street level, rather than just being an eyesore blank big box store in the middle of the streetscape. The multi-level format also allows them to have a much smaller footprint than a regular suburban big box store would have.
And as for not wanting Target jobs in the neighborhood, I used to work in a Target between undergrad and grad school, and the wages are a bit better than minimum wage to start (as I recall), but they offer the option to buy into healthcare, provide reimbursement for taking classes (to a limit), and provide other employee benefits that places like Walmart do not.
Bill Kavanagh
11:31 am on Friday, February 8, 2013
Access to the store HAS to be from Belmont OMLY!!! We need to close off Melrose as a cul de sac at the alley. The retirement home has already caused too much traffic and lowered home values on the street.
tone
1:15 pm on Friday, February 8, 2013
ok
StevenK
7:07 am on Tuesday, February 12, 2013
Agreed that existing soon to be compounded traffic light intersection mess should require Target's Construction of Parking garage Space & a refined study of Traffic Controls & that entire problematic driving intersection area."Yes" Bring back The #11 Lincoln Bus Stops!! These will not be career jobs for The Unemployed of the neighborhood/Ward!
Pete O'Reilly
12:22 pm on Sunday, March 3, 2013
A huge new retailer perfectly placed 5 blocks from 2 of the Alderman's Ann Sather Restraunts. While the neighborhood gets to watch their property values decline as any hopes of classing up the neighborhood are gone as soon as that Target goes in. Traffic at this intersection will be unbearable and the neighborhood will start to look like Schaumburg. As a community we need to stop this from happening
Keith
8:29 am on Tuesday, April 16, 2013
so target gets the nod..minimum+ wage jobs really makes what significant improvement to our neighborhood? Will these incomes bring tax-paying homeowners to frequent existing small businesses? What does at store really allow us to buy that we cant already access? (t already has a store just a shrt drive/elstop at wilson) to me, this looks more like a race to the bottom for our neighborhood. A better than nothing kind of option.Is this the best we can do?