The Planned Location
The G Street location, situated between 9th and 10th streets in Downtown San Diego, was poised to become the new home for a Target store in 2023. This strategic spot, just a short walk from the renowned Petco Park, generated considerable anticipation among locals. The retail giant’s plan was to occupy approximately 36,000 square feet on the ground level of the upscale Radian apartment building, known as one of downtown’s newest and most luxurious residential apartment complexes.
However, the excitement gave way to disappointment when Target decided to abandon their newest San Diego location.
Details:
- Location – G Street between 9th and 10th
- 36,000 square feet
- 15 year lease
- Neighborhood – East Village
- Just a few blocks from Petco Park
- Initially planned to open in 2023
Target’s Departure and Its Reasons
Target’s departure from this location left many puzzled, as the company provided minimal explanation for its decision. Notably, Target had recently announced the closure of nine stores in different cities, citing concerns about organized retail crime and theft as the primary reasons. It is worth mentioning that none of the nine stores slated for closure were in San Diego; they were situated in San Francisco, Oakland, New York, Portland, and Seattle.
Developer Cisterra, the owner of the space on G Street, stated that Target did not attribute their departure to theft concerns. In fact, it could be argued that the neighborhood had improved since Target initially signed its lease in 2021. Target has already reimbursed the developer for over $600,000 in construction costs, demonstrating it’s still committed to upholding their end of the lease. Additionally, Target pledged to fulfill its 15-year lease obligation by covering the rent until the space finds a new tenant, with the annual rent surpassing a 7 figure number annually. While the exact reasons behind Target’s departure remain undisclosed, the developer said that it is possible for Target to return to the space considering they are paying the rent. This would have been the first, and likely only, Target in Downtown San Diego, in a dense urban environment. While the return of Target would be ideal, the developer has made it clear that they will look to fill the space because they would rather have a new tenant than have the retail space at the base of their apartment building sitting vacant.
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