The city of St. Paul agreed to provide a $6.3 million loan to the retailer's parent company, Minneapolis-based Target Corp. The loan would be forgiven if the store stays for 10 years in its current location on the block bounded by Sixth, Seventh, Cedarand Wabasha streets.
The store's size will be reduced from 225,000 sf of shopping space to about 170,000 sf, shrinking five levels into three -- the first, second and third floors. The fourth floor will house executive offices and an employee lounge, while the lower level would be converted to additional office space and expanded stocking facilities.
The five-phase renovation will relocate several departments, close its popular River Room restaurant for four months or so and eliminate the fourth floor furniture department.
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