No, workers aren't dropping off the new Target store this morning on 14th and A

Big Crane Action is happening today on 14th Street and Avenue A... at the site of Extell Development's in-progress retail-residential plazaganza that will one day yield a Target flexible-format store.

Signs at the nearby MTA stop in Steiner East Village points to ConEd work...



Whatever! Just enjoy...

Target offers details about its flexible-format store opening summer 2018 on 14th and A

As you know, Target has signed a lease to anchor the retail space in Extell's new development rising on Avenue A and 14th Street.

And yesterday, Target shared details about the flexible-format store, projected to open in summer 2018 at 500 E. 14th St.

Via the EVG inbox...

Growth in urban markets is a priority for Target, and Target’s flexible store design allows for store locations in smaller locations and assortments are tailored to meet the needs of local guests. The East Village Target store will be approximately 27,000 square feet on two-levels, with 9,500 square feet on the street level and 17,700 on the lower level. The locally-relevant, catered assortment for urban guests will include:

· An assortment of men’s and women’s apparel and accessories

· Home items dedicated to refreshing small living spaces, as well as urban apartment and condo essentials

· Food selections, including grab-and-go items spanning sandwiches, salads, beverages, snacks, and more

· Health, personal care and beauty products including a multicultural assortment

· Portable technology products and accessories

· Services include Target Mobile and Order Pickup

Flexible-format stores are a priority for Target and guests have responded well to having these customized stores available in areas where they previously couldn’t have been opened before.

In a prepared statement, Mark Schindele, senior vice president, Properties, Target, said: "We’re thrilled to be partnering with Extell Development for this terrific location just below Stuyvesant Town, and we can’t wait to be part of the East Village neighborhood."

Target is only taking half of the available retail space at 500 E. 14th St. So there is room for another largish retailer.

Previously on EV Grieve:
[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

Breaking (pretty much!): Target is coming to 14th Street and Avenue A (55 comments)

More on Target, and a look at its incoming home on 14th Street and Avenue A

Target's rent is $2.5 million a year; plus new renderings for 500 E. 14th St.

[Conceptual rendering via RKF]

As you probably know, Target will be opening one of its CityTarget outposts at 14th Street and Avenue A — some day. (There's just one floor visible at the moment.)

The marketing copy via broker RKF says the retail space at 500 E. 14th St. totals 42,367 square feet, including 24,735 square feet on the street level with 17,632 square feet down below. It was believed that Target was taking all this space.

However, according to a report at the Commercial Observer, Target is leasing 27,306 square feet at Extell Development's development.

The lease — for 9,500 square feet at grade and 17,806 square feet below ground — is for 30 years, at which time Target could extend it for another 10 years, according to the source and the memorandum of lease. ... The asking rent was $2.5 million per year, the source told CO.

$2.5 million per year? Why that's only a little more $208,000 a month.

And based on this square footage, it appears that Extell will still have half the retail space at No. 500 to offer a retail tenant. A Trader Joe's perhaps? The two new Trader Joe's in Brooklyn are both 18,000 square feet, per The Real Deal. The new one on the Upper West Side will take 20,000 square feet of space. (I'm not advocating for a Trader Joe's: Extell floated that name earlier this year.)

The CityTarget opening in Tribeca is a reported 45,000 square feet. (And for more size perspective: The Kmart on Astor Place is 140,000 square feet.)

Meanwhile!

The image via RKF above is the conceptual rendering for the Extell project that has been in circulation the past two years.

A projects listing at the website of Leeding Builders Group (LBG), a New York-based construction manager specializing in commercial, residential and hospitality projects, features some different renderings. (There are two addresses — 500 E. 14th St. and 524 E. 14th St. Neither of these renderings are ID'd by address.)





Here's what the website says about this development:

The project’s design consists of three 7-story residential buildings that will complement the surrounding neighborhood. Combined, this new development will house 150 high end rental apartments ranging from studios to three bedrooms. The buildings will also include individual residential lobbies, large retail space, and indoor / outdoor amenity spaces.

Some of the indoor amenities include a pool, fitness center, bike storage facilities, resident’s lounge, and children’s playroom. An important aspect of the outdoor amenity area is the incorporation of green spaces. The second floor apartments in the main tenant area each include a private terrace that runs through the courtyard interior of the buildings. The rooftop of all three towers will be a green roof with mixed private and public spaces. Some features of the public space will include outdoor gardens, ornamental grasses, a full bocce court, pergola covered dining with an open air grill kitchen, and framed hedge walls. LBG Construction Management services included Estimating and Budgeting, Constructability Review, Scheduling Services, Logistical Planning, and Coordination with the design team.

Full bocce court!

Previously on EV Grieve:
Breaking (pretty much!): Target is coming to 14th Street and Avenue A (54 comments)

More on Target, and a look at its incoming home on 14th Street and Avenue A

In case you missed this news from late Friday afternoon, Target has reportedly signed a lease for the retail space at 500 E. 14th St., Extell's new development between Avenue A and Avenue B. (The Real Deal had the scoop.)

First, a look at how the development is developing... Extell is putting up two 7-floor retail-residential buildings ... 500 E. 14th St. at Avenue A will have 106 residential units … while, further to the east, 524 E. 14th St. will house 44 residential units. (It's still unclear whether these will be rentals or condos.)







As previously noted, construction has been slow going here. The excavating started in June 2015.

Meanwhile, not sure what all this is about... the pipe has been attached to 220 Avenue A for several months... now there's also a protective rooftop shed ...







As for Target, this will be a small-format store, like the one opening in Tribeca. The marketing copy at RKF says the retail space at No. 500 totals 42,367 square feet, including 24,735 square feet on the street level with 17,632 square feet down below. The corner space has some 250 feet of frontage on East 14th Street and another 52 feet on Avenue A.

The Tribeca location is 45,000 square feet — a third of the size of a regular Target, according to Fortune.


[255 Greenwich St. rendering via Target/Fortune]

Here's more about what we can expect from the small-format stores, via Fortune...

Much like the stores it has opened near Fenway Park in Boston and downtown San Francisco, the Manhattan location will have an assortment of products aimed at catering to local needs. For instance, at the Fenway store, Target offers locally brewed Samuel Adams beer. While Target is still refining its plans, the TriBeCa store will proportionally offer more grab-and-go food options for harried office workers, more organic foods for those finicky TriBeCans, and a lot of apparel. Target will adjust its home goods selection to fit smaller New York City homes.

Seeking to capitalize on what is a major hassle for the many New Yorkers whose buildings don’t have doormen to receive packages, the TriBeCa Target will be equipped for in-store pick-up of orders placed on target.com, allowing it to offer customers the same assortment they’d get in a big-box location (except for grocery items).

This Target, rather development at No. 500, replaced a row of single-level buildings that housed, starting at Avenue A: Stuyvesant Grocery, Pete's-A-Place, a hair salon and Jackson Hewitt Tax Service (before they were destroyed by fire on May 12, 2010), Rainbow, the Blarney Cove, a jewelry shop, a laundromat (which relocated closer to Avenue B) and Rite Aid.



It was also reported last week that Extell received a $140 million construction loan for the development.

And there is no timeline on when all this will be complete. The retail listing for No. 500 states possession will be available "Fourth Quarter 2016." As you can see on the progress to date, that isn't a realistic timeline any longer.

Updated 9:45 a.m.

For some perspective on the size of this incoming Target with the Kmart on Astor Place... let's go to this article from The New York Times, dated Oct. 1, 1996:

In a major push, Kmart is opening two huge new stores, one on 34th Street adjoining Pennsylvania Station, which opens tomorrow, the other on Broadway between Eighth and Ninth Streets, which will open next month. The company, swallowing the high operating costs, is going for volume. Each store will be expected to contribute more than $50 million in sales.

A kind of cultural exchange has begun as well.

"People don't realize how normal New Yorkers are," said Myles Johns, who was appointed general manager of the 34th Street store two months ago. "They're just like everybody else."

The new stores, each with more than 140,000 square feet, are not flagships in the usual sense -- Kmart has larger stores elsewhere in its 2,144-store chain -- nor are they even the first in New York City. Kmart opened stores in Queens and the Bronx in the early 90's, not to mention in the 60's on Staten Island.

Previously on EV Grieve:
East 14th Street exodus continues

Conspiracies: What next for 14th Street and Avenue A?

Those ongoing rumors about the future of East 14th Street between Avenue A and B

Petland is moving away from East 14th Street, fueling more new development rumors

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

Breaking (pretty much!): Target is coming to 14th Street and Avenue A (40 comments)

Breaking (pretty much!): Target is coming to 14th Street and Avenue A

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

Goodbye yellow brick ad...

After nearly a month, the handpainted Target ad on St. Mark's Place at Avenue A...



is gone...



Meanwhile!
The Target ad was also painted over on Hicks Street in Carroll Gardens (Lost City)