In the burgeoning world of urban tiny condo towers being developed for millennials, the list of attractive amenities seems endless — and in Minneapolis, hometown of Target Corp., one developer group is banking that a "small format Target" store on the ground level is the next big hipster hook. And they're opening nearly 30 more similar stores in 2017—maybe near you.
Revel, a new apartment building slated to open on August 1st in the Minneapolis neighborhood of Uptown, will feature 125 units — with more than half being billed as "alcove" units of about 544 square feet, featuring "Class A, brand-new, high-end living in the best location" in a compact space, and rent starting at around $1,450 per month, according to the Minneapolis Star-Tribune. Designed by ESG Architects and built by a CPM company called Reuter Walton Commercial, the units have been leasing so quickly they've already been able to increase rents. (Oh joy.)
In addition to some pretty swanky amenities — including two rooftop decks, a year-round heated outdoor pool (in frigid Minnesota!), a community clubroom, a fitness center, a pet washing station and a 24-hour coffee bar — Revel will also feature a ground-floor, 21,400 square foot Target store, slated to open on October 18th. About one-fifth the size of a typical Target, it will stock products that are expected to appeal to the demographics in that area: fresh produce, grab-and-go goods, home décor and apparel, and accessories for men and women. It will also have a CVS Pharmacy and Target's Order Pickup service.
Minneapolis-based Target Corp. in 2014 started experimenting with the small-format stores by building one in a then-new apartment building in Dinkytown, another Minneapolis neighborhood, Star-Tribune reports. The company then opened similar stores in St. Paul and San Francisco. For about a year, Target called the small stores Target Express. But in late 2015, it shed the monikers Target Express and City Target, used for a slightly larger urban-based store, and simply called them all Target.
Target is opening nearly 30 stores in the second half of 2017 and most are small-format locations of about 20,000 to 30,000 square feet. The company also recently announced a major redesign of stores that will make them more conducive to shoppers who want to get in and get out, as well as those who'd like to browse.
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Is living above a Target on your apartment wish list? What other stores would you like to have as downstairs neighbors?