Extell Development has signed its first retail tenant for the new complex rising at 500 East 14th St. at Avenue A.
The Real Deal has the scoop:
Big-box retailer Target inked a deal to open a small-format store... Target signed a 30-year lease at 500 East 14th Street on the corner of Avenue A, according to a memorandum of lease that hit property records Friday. Terms of the lease include a 10-year option to extend the lease.
What is a small-format store?
Here's one explanation:
In an effort to increase market penetration (and comply with local zoning regs), the No. 2 discount chain is focusing on a smaller-footprint store format that can squeeze into strip malls and city streets where its gargantuan big-box flagships can’t.
Trader Joe's had been floated here as a possibility.
Extell Development's has two, 7-floor retail-residential buildings coming: 500 E. 14th St. will have 106 residential units … while, further to the east, 524 E. 14th St. will house 44 residential units.
More on all this later...
Previously on EV Grieve:
The disappearing storefronts of East 14th Street
[Updated with correction] 8-lot parcel of East 14th Street primed for new development
New 7-floor buildings for East 14th Street include 150 residential units