Denver City Council Approves Incentives For New Target Downtown
The Denver City Council approved, in an 8-1 vote, a $4M incentive package for a proposed Target at the 16th Street Mall on California Street. It would be developed by Sixteen Cal LLC, an entity affiliated with the Gart family. Roughly half of the package will pay for tenant improvements, while the balance would be in the form of a break on sales-and-use taxes, the Denver Business Journal reports.
The store would be on the second and third floors of the building, taking a bit more than 28k SF. That is smaller than existing Targets in Denver, which tend to take more than 100k SF. One of the rationales behind the incentive package would be that even a smaller Target location would help attract other retailers to serve the growing population in Downtown Denver.
The building's upper floors were previously occupied by a food court that closed several years ago. Lease negotiations for the space are in progress. Once a lease is inked, the timing of the new store will be finalized.