Clark Street Real Estate, developer of the mixed-use development Elevate Oak Park, announced Tuesday it has secured a deal to bring a Target retail store to its 22,000-square-foot retail space near the corner of Lake and Harlem.
The developer described the location in a press release as a “flexible-format store” that will include a grocery section, men’s and women’s apparel, electronics, toys and sporting goods, home goods and other departments typical of the retailer. The store is expected to open in October 2017.
The Clark Street press release noted that the “customized stores” have been a success with Target customers in densely populated urban and suburban areas and on college campuses.
The retail chain operates 30 of the flexible-format stores, four of which are in Chicago. Target plans to open three more in the city in 2017.
A Clark Street representative could not immediately be reached for comment.
Clark Street Principal Andy Stein said in the press release that the anchor tenant “will be a great addition for the residents of Oak Park by providing a convenient shopping experience and great neighbor to the community.”
Oak Park Mayor Anan Abu-Taleb praised the announcement, saying village government’s commitment to the Clark Street project is starting to pay dividends by bringing new jobs and more foot traffic to downtown.
“It’s really a testimony on how we all have come together to set the stage for retailers like Target to view Oak Park as a priority market for them,” he said.
Abu-Taleb said the Target would help revitalize downtown and increase property values in the village.
Asked whether the village board had discussed any tax breaks or other incentives to bring Target to downtown, Abu-Taleb said it was unlikely.
“The taxpayers have already invested in bringing the developer (Clark Street) into the location,” he said.
The Elevate Oak Park development, a project by Clark Street and Lennar Multifamily Communities, will include 271 luxury apartments, 26,000 square feet of retail space and a five-story parking garage.
Clark Street broke ground on the project in November 2015 and is expected to complete construction in spring of 2017. The development is located on land previously owned by the village of Oak Park and used for parking near the corner of Harlem and Lake. The entire project is located just east of the Gap and Pier One shopping strip on Harlem Avenue in an area bounded by Marion Street, Lake Street and North Boulevard.
The village has projected that the development will bring 500 new residents to downtown Oak Park and generate roughly $25 million annually in property taxes.
The project hit a snag earlier this year, when submerged leaking oil tanks were discovered when workers began excavation of the site. The Oak Park Board of Trustees was successful in getting both Oak Park school districts to agree to tap the Downtown Tax Increment Finance District for $3 million to clean up the site.
CONTACT: tim@oakpark.com
