Over the past couple months, Target has been on the lookout for a downtown location. It's said to be considering 1 S. State St., now called the Sullivan Center after Carson's moved out several years ago; as well as the former Apparel Center in River North locate at 350 N. Orleans St., and several spots along Michigan Avenue near Water Tower Place.
Two other grocers were close to taking space from Freed in the Carson's building; but eventually the deals fell through with both Whole Foods Inc. and Fox & Obel. Target is hoping to take about 80,000 square feet on two floors.
Freed also owns and is developing Block 37 on State Street. While a number of tenants recently opened their doors in the mall, Freed is facing foreclosure owning bank of America more than $128 million. The court ordered the project to be place in the hands of CB Richard Ellis, but the company still needs to secure the necessary financing before the switch takes place.
If Target opts to locate along State Street it will be a boost both to the street and the downtown area. The closest Target to downtown is located at 1154 S Clark St.
To read the full Crain's Chicago Business report click here.
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