Target To Open In Downtown LA; Largest Lease In 20 Years

LOS ANGELES (CBS) — A Target store about half the size of a city block is coming to downtown Los Angeles and expected to create 250 jobs, thanks to a lease agreement signed on Thursday.

Target signed a 20-year lease agreement with Brookfield Properties to open a new 104,000 square foot store at the 7th+Fig shopping center, in a space previously occupied by Macy’s.

Slated to open in 2012, it will be about two-thirds as big as most other Target stores and offer more food items and fewer furniture items.

Mayor Antonio Villaraigosa hailed the largest retail lease in downtown Los Angeles in 20 years, saying “This is good news for shoppers in Los Angeles. It’s good news for people who live and work here, downtown.”

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Councilwoman Jan Perry, who represents the district that includes downtown, said “The fact that such a large and successful retail giant as Target has faith in investing in our downtown proves what we all have known for quite a while: downtown is the place to be and it will continue to be the hub for redevelopment, investment and growth.”

She added the Target store will be conveniently located next to the Metro Center station, where the Red, Blue, Purple and the soon-to-open Expo lines all stop.

“Downtown Los Angeles is a dynamic place — a bustling city center,” Perry said. “It’s home to tens of thousands of people, serves as a job center for the region, and is on the cutting edge of what is cool and hip, making it an entertainment destination.”

“Today’s lease signing shows how far downtown has come,” she added.

(©2010 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services contributed to this report.)


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