Spokane real estate developer David Black announced today that Minneapolis-based Target Corp. has completed its purchase of a 10.6-acre site on Spokane's south side and plans to build a 135,000-square-foot store that will anchor the envisioned Regal Plaza shopping center, at the southeast corner of Regal Street and Palouse Highway junction.
Black said in a press release that the total value of the retail complex project is $30 million.
Target plans to break ground in October on construction of the new store, which will be its fourth in the Spokane-Coeur d'Alene area. As planned, the store would open in July 2014.
Dave Black Properties LLC, which owns the property, plans to build four additional buildings in the retail complex that will have a total of 38,250 square feet of floor space. No leases have been signed for those spaces, but Black said he anticipates inking several national tenants that will be new to the south side of Spokane.
MulvannyG2Architecture, of Portland, is designing the Target store, and Bernardo Wills Architects PC, of Spokane, is designing the Black Properties buildings. Black said he hasn't selected a contractor to build those structures yet.
Black, CEO of NAI Black, has been working on developing the south Spokane site since 2004, when he first acquired an option to buy the property.