DENVER – The city and county are aiming to provide incentives to bring a Target store to downtown Denver’s 16th Street Mall.
Officials said property owner Sixteen Cal LLC is finalizing a lease for a Target store on the southeast corner of 16th and California streets. Target would occupy the second and third floors of the building that currently houses an Einstein Bros. Bagels and Great Clips, with an entrance at street level.
At just over 28,000 square feet, the store would be significantly smaller than most standalone Target stores. The location in Northfield, for example, is 180,000 square feet and the Hampden location is 134,500 square feet.
The Office of Economic Development says the store would help curb what it refers to as “retail revenue leakage,” which is the trend of people leaving the city center to seek out retail like what Target offers.
“This is the right place and right time for additional signature expansions in our downtown core,” said Mayor Michael Hancock in a statement. “The redevelopment of our 16th Street Mall is critical and bringing strong retail to the area is key to those plans. This would be a huge win for our residents, downtown workers and businesses, and our regional, national and international visitors.”
The city and county are offering up to $4 million from the Business Incentive Fund to help make the Target store a reality. $2 million of that would be upfront to help pay for renovation work on the building, while the rest would be spread out over a maximum of 20 years.