Target confirms talks for Uptown's Wilson Yard site
(Crain's) - Retail giant Target Corp. on Friday for the first time confirmed negotiations to open a store in Uptown at the Wilson Yard mixed-use project, a critical step in the long delayed development.
A spokeswoman for the Minneapolis-based retailer says in an e-mail that the company might disclose details about its plan later this month.
"We are currently still working through the agreements (related to the Wilson Yard project)," the spokeswoman says Friday. "Our real estate team let me know that we'll likely be able to give additional details/updates towards the end of June."
The city in April agreed to increase the public subsidy for the mixed-use project by 25% to $52 million. The development, a former CTA repair yard that runs along the west side of Broadway between Montrose and Wilson avenues, is also to include a 382-car parking garage and two residential buildings with 178 units of affordable housing.
The increased tax-increment financing subsidy now accounts for just more than a third of the project's estimated cost of $151 million, well above a city guideline that TIF grants account for no more than 20% of a project's cost.
The deal for a Target has been the subject of much speculation, and the developer Peter Holsten acknowledged in 2006 that Target was considering pulling out over the proposed "Big-Box" ordinance that would have regulated wages at big stores like Target and Wal-Mart.
Mr. Holsten, president of Chicago-based Holsten Real Estate Development Corp., didn't return calls seeking comment.
