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VOL. 123 | NO. 3 | Friday, January 04, 2008

Midtown Target Closer to Reality, Plans Suggest

By Andy Meek

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A 26.27-acre development plan has been filed for the site at Poplar Avenue and Watkins Street, long expected to be the future home of a new Target retail store.

Minus a definitive answer on the retail giant’s plans for the Midtown development, a proposal filed Thursday with the Memphis and Shelby County Office of Planning and Development shows a major redevelopment in the works.

The project – officially called the Midtown Memphis Planned Development – is comprised of more than 90 individual lots or parcels, clustered south of Poplar and on both sides of Watkins. The developers are proposing a mix of uses for the property, including small and large retail shops, restaurants and medical offices.

Approval also will be sought to permit apartments or condominium spaces above the retail shops. Target has reportedly expressed interest in building at the site but has not yet finalized a deal for the Midtown property.

Florida-based WSG Development Co. bought nearly 80 parcels at the site back in May, an $11.6 million deal comprised of several land transactions. The company also filed a $14 million construction loan through Lehman Brothers Holdings Inc.

Target’s reported interest in the Midtown site has created a buzz of anticipation, especially since April. That’s when the retail giant – the second-largest in the U.S. – announced it would ramp up its U.S. presence by 25 percent through 2011, opening about 100 new stores each year.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 105 105 14,148
MORTGAGES 109 109 16,413
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 168 168 29,329
BANKRUPTCIES 63 63 9,386
BUSINESS LICENSES 22 22 4,625
UTILITY CONNECTIONS 54 54 10,290
MARRIAGE LICENSES 34 34 3,386

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