The national retailer (NYSE: TGT) will lease 33,000 square feet on the second floor of the BLVD at Lenox, said Michael Comras , the developer and leasing broker who is building the project at 1045 Fifth St. It’s at the northeast corner of Fifth Street and Lenox Avenue, a few blocks from the busy MacArthur Causeway.
While Target is closing some of its large stores, including one in Lauderhill, it has started opening smaller stores in urban settings with strong demographics.
“They are looking to figure out how to compete with the Internet,” said Comras, president and CEO of the Comras Co. “Not everything can be bought online and be readily available. This will be a contemporary version of what they want to do in the future.”
The new Target is expected to open in spring 2019. It will focus on apparel for both adults and children, swimwear and beach gear, home goods and décor, health/beauty products and grocery, including grab-and-go items.
The store will also have Target’s order pickup service for people who prefer to order online.
Target said 60 employees will work at the South Beach store. Its minimum wage is $11, and will increase to $15 by the end of 2020.
“Target has been seeking the ideal location for a small-format store in Miami Beach, so we’re thrilled to be part of the BLVD at Lenox shopping complex to conveniently serve residents and tourists with a unique product assortment that only Target can provide,” said Mark Schindele, Target’s senior VP of properties. “We look forward to meeting our new neighbors and serving guests in the Miami Beach community, offering them a convenient, inspiring shopping experience, as well as a pickup point for online orders.”
Designed by Zyscovich Architects, the BLVD at Lenox will have 67,000 square feet of retail in three levels. Comras said the open staircase on the street corner should make it easier for visitors to walk between levels without being confused. The project aims to be LEED Gold certified, and the site will be raised to mitigate sea-level rise, he added.
Comras said he’s seeking tenants for the 27,000 square feet of ground-floor space and 6,000 square feet of third-floor space. He’d like to attract a fitness center, bank, restaurants and a juice bar. It will have 218 parking spaces.
“We designed this with fitness and lifestyle in mind,” Comras said.
Brian Bandell, Business Journal
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