Land-swapping Needed for Target’s New Retail Store

March 31, 2011 / Elizabeth Buckley, Commercial Property Analyst

An American retail store, Target Corp, is eyeing the former Cabrini-Green housing project site, which was demolished because of some major public housing, to build a new store at the northwest corner of Division and Larrabee streets. Target, the discount chain, is said to be under negotiations with Chicago Housing Authority for the retail store’s proposed land-swap.

Land-swapping Needed for Target’s New Retail Store

In Colorado, another land-swap is currently under negotiation the Forest Service and the Village at Wolf Creek. The proposed land-swapping deal would involve a Forest Service hillside adjacent to U.S. Highway 160 and a private parcel in a meadow near Wolf Creek Ski Area.

Back in Chicago, the former Cabrini-Green housing project site, according to a report, is just a mile away from the luxury shopping area on Michigan Avenue. A spokesperson from Target refused to comment on the said land-swap proposal, saying the company usually does not confirm plans for a new retail store more than a year before the scheduled opening.

But, Molly Snyder, the spokesperson from Target also added that the company is “always looking” for opportunities to open a new retail store or other discount chains. Last month, the company announced its plans to open a new retail store — called City Target, in the Sullivan Center at 1 South State Street next year.

The land-swap proposal, as stated in the report, involves a parcel of land in exchange for another land equal in value with the CHA in another part of the city, which would the new public housing will be built in the same community.

The retail store’s proposal, according to Chicago Housing Authority spokesman, was brought up earlier this month at the housing authority’s board of commissioners meeting.

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