Target has set its sights on a new Miami market: Coral Gables. The mega retailer–the eighth largest in the country–will be taking over the former Office Max space at 1906 Ponce de Leon Boulevard.
At 22,800 square feet, the new store will be one of the smaller Target locations in the county. Typical full-size Target stores can exceed 130,000 square feet, but the company says this reduced scale is part of its new “small-format” strategy, which will bring the retailer into more dense urban areas. Target opened its first small-format store in South Florida earlier this month in Miami Beach at the corner of Lenox Avenue and Fifth Street.
Target’s move into the Gables further cements the South Florida’s outstanding growth in the commercial and retail sector. As previously reported, Miami-Dade topped the nation for retail rent growth in Q2, and shows little signs of slowing down.
“We are not surprised to learn that Target has identified Coral Gables as a prime location for real estate,” says John Lonardo, manager of ComReal Coral Gables, located at 51 Merrick Way in the heart of the neighborhood. “The Coral Gables North Ponce neighborhood and surrounding communities have experienced a renaissance of new multi-family and mixed-use commercial development over the past few years, with more in planning. We look forward to the addition of Target to serve our growing community,” he says.
The new Target location is slated to debut in 2020, and is part of Target’s plan to open 30 new locations per year nationwide. The company is also planning a 49,000 square foot store at Grove Station on the corner of U.S. 1 and SW 27th Avenue. The opening date for that location has yet to be released.
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