(For more retail coverage, click GlobeSt.com/RETAIL.)
BROOKLYN, NY-Construction is set to begin on Triangle Equities' 300,000-sf Triangle at the Junction here. The retail center, which carries an $80-milllion price tag, will be anchored by an approximately 220,000-sf Target. It will be the third Target in the borough.
A Triangle official says the rest of the tenant mix, which will be rented out by the firm, will complement Target. The firm has just started a marketing effort targeting soft goods, sit-down restaurants, electronics and book stores, among others. Triangle anticipates that the center will open in the fall of 2007 and create more than 1,200 construction and permanent jobs. The retail industry employs about 300,000 New York City residents, generating more than $55 billion in business activity a year.
Plans call for extending the site by decking over an adjacent right-of-way owned by the Long Island Railroad. The junction serves as a transit hub where numerous bus and subway lines meet, and is near Brooklyn College.
Triangle won the right to purchase the 147,000-sf site, which had been a municipal parking lot, from the city in 2004. It is located at the intersection of Flatbush Avenue, Nostrand Avenue and Avenue H. The center will include a five-level parking garage for 500 cars.
"This development will ensure a greater diversity of shopping options for area residents and will support Brooklyn's ongoing renaissance," says New York City Mayor Michael R. Bloomberg. Based in College Point, Queens, Triangle specializes in commercial and residential development in the metropolitan New York area. Minneapolis-based Target currently has 1,400 stores in 47 states.
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