Confirmed: Target Closes Deal on Ashland

After months of rumors and a false confirmation, Target Corp. officially signed the papers and closed the deal to purchase the former LaSalle Bank Building at the corner of Lincoln, Belmont and Ashland avenues.

The almost 75,000-squre-foot building will be transformed into a new CityTarget, much like the one downtown on State Street or the one slated to open in October in Old Town.

Details like when shoppers may step foot into the new Target is still unclear. According to public relations representative Erika Winkles, nothing further than an official confirmation is available at this time.

“Chicago is a great market for Target and we continue to pursue new opportunities to serve guests there,” Winkles said in a statement. “I can confirm that Target has closed on the property at 3201 North Ashland Avenue. I have no additional details to share at this time.”

While it’s unclear how much the building was sold for, Midwest Real Estate Data LLC says the 51-year-old building was assessed at more than $1.2 million. That means the taxes in 2010 were close to $205,000.

The deal was reportedly done between the two parties on Wednesday.

“The old LaSalle building has gone through multiple planned developments in the past 10 or 20 years,” WLVN Board President Will DeMille said in January. “A lot of people like the Target. A lot of people are concerned about the Target being right in the gateway to Lake View and what that means for other businesses. There’s a general plus and minus, but the Alderman’s office is happy something is going in there to generate jobs.”

Some of those concerns stem from the rumor Target plans to bypass the need community negotiations by staying within the property’s current zoning, allowing for a three-story tall commercial building. Others are nervous about what a store that size could do to traffic patterns at the already dangerous intersection.

The site was formerly destined to be a $100 million mixed-use building with 130 new condos and 90,000-square-feet of commercial space. After being approved for construction by the city council in March 2007, however, the collapsing market took its toll, putting the project by Centrum Properties on hold. 

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