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Target finds relative land bargain
Less development near an Odessa store site allows the company to buy more acreage for less.
By Times Staff Writer
Published February 25, 2005
All Pasco County intersections aren't created equal in the eyes of big-time retailers.
Less than a year after Target Corp. paid $4.9-million for 11 acres at Little Road and State Road 54 in Trinity, the retailer plunked down $3.8-million for 15 acres at SR 54 and the Suncoast Parkway in Odessa.
The Odessa deal closed Jan. 28. The Minneapolis-based discount chain plans to open a SuperTarget southwest of the intersection in the fall of 2006.
Why the difference in land prices? After all, the Odessa store, as a combination department and grocery store, will be the larger of the two.
One reason is the proximity of customers: Little Road and SR 54 cross the heart of a dense residential area, including Trinity's thousands of homes. Only a few hundred homes surround the Suncoast Parkway and SR 54, though thousands of homes are on the books, a fact Target is well aware of.
Another reason: Mitchell Ranch Plaza was already complete when Target moved in last year. The Suncoast Parkway site is mostly undeveloped.
"On Little Road, it was a completed shopping center with all the infrastructure in," said Ken Morin, the developer who sold the Odessa site to Target.
[Last modified February 25, 2005, 00:52:18]
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