A representative from Target Stores told the Midtown Redevelopment advisory board this morning that the company is interested in putting a store on the property where the University Mall is now located.
Demographics suggest a "P" store -- like the Target stores on Chenal and in North Little Rock -- would be successful on the site, Lisa Ellis told the board.
Simon Property Group, which operates the mall, recently canceled leases on the businesses remaining in the mall, a move that had the advisory board scratching its head this morning. Simon has been sued by the landowners for not maintaining the property and keeping the mall profitable; it has appealed to the 8th Circuit a ruling that it make more than $7 million in repairs to the building.
Ellis told the board that the cost of building a two-story Target, which would allow for more development of other business on the property, would be prohibitive, given the market. She also said Target would only be interested in ownership, rather than a lease on the property. The land, owned by William L. Patton Jr. Family Limited Partnership of Arkansas and Southern Real Estate and Financial Co. of Missouri, is not for sale.