Target is opening store at Glendale’s redeveloped Bayshore complex
Target Stores Inc. will open a store at the redeveloped Bayshore retail, housing and office complex in Glendale.
The opening date of the 128,512 square-foot, two-story retail space has not yet been determined, according to the Tuesday announcement from Bayshore.
The Target will be located on the east side of the property on Fountainview Drive adjacent to the Lydell Avenue parking garage, in the former Boston Store.
Renovations on that space have begun.
It couldn’t be immediately determined what format the Bayshore Target will be. But most Target discount stores include a grocery section.
“We are incredibly excited to welcome Target as an anchor tenant of the new and revitalized Bayshore,” said Kirk Williams, managing director for Dallas-based Cypress Equities LLC, which owns and operates Bayshore.
“From day one we have done our best to listen to the community and respond to the shopping, dining and entertainment experiences that they desire, and Target remained at the top of their list and ours,” Williams said in a
statement. Target has long looked for a North Shore location. Its closest store to the Glendale area is in Grafton.
The redevelopment of Bayshore has been ongoing since early this year,
The former food court and original mall space demolition was recently done, and a revamped public square, The Yard, opens on July 10. Also, Total Wine & More will open later this summer at the former Sports Authority store.
When all the work is done, Bayshore’s retail portion will shrink from 830,000 square feet to 520,000 square feet.
That 37% contraction will help Bayshore increase its retail occupancy rate, Cypress has said. Bayshore has dozens of vacancies.
Additional development phases call for new apartment and office buildings, and a hotel.
Glendale is providing up to $37 million for the project. That money will come from Bayshore’s property tax revenue — but only if new buildings are developed.
In return, Glendale’s remaining Bayshore tax incremental financing debt of $57 million was paid off by the property owners.
The city took on that debt when it helped pay for the 2006 creation of what was then named Bayshore Town Center. That project combined the old Bayshore Mall with several new buildings, parking structures and a street grid.
The city wouldn’t have been able to pay off that debt with Bayshore’s existing property tax revenue. That’s because Bayshore’s value has declined steeply.
Bayshore’s assessed value was $310 million until 2019 — when it was slashed to $65 million. A revamped Bayshore could have property values totaling more than $200 million, according to the city.
Mid-America Real Estate – Wisconsin LLC represented both Bayshore and Target on the lease transaction.