Avison Young's Vue53 apartment tower won't deliver until the fall, but it locked in an anchor tenant. Target signed a 21k SF lease on the ground level.
It's a big deal for Hyde Park, which is moving toward retail. AY's Jim Hanson told us during our hard hat tour of Vue53 that the area is primed for redevelopment along 53rd Street, with plenty of foot traffic from local residents and the University of Chicago to drive activity for retailers. The $75M Vue53 project includes 28k SF of retail.
The Target will be one of the smaller format neighborhood stores formerly known as CityTarget and Target Express, reports Crain's. Target is also opening a 32k SF store in Lincoln Park, and has 18 smaller format stores planned across the country. [Crain's]
