CPM Cos.’ latest Uptown apartment project, Revel, will have a small-format Target on its first floor. The store will open a couple months after the Aug. 1 launch of the apartment building.
The project is a joint venture partnership that includes CPM Cos. and the Michaels Organization (TMO) of Marlton, N.J. CPM and TMO, through TMO’s student housing company, have already partnered on three apartment projects in Minneapolis.
The Target store isn’t the only thing that’s unique about the project. Revel, which was designed by ESG Architects and built by Reuter Walton Commercial, will have 125 units. About half of them will be what the company calls “alcove” units, catering to people who prefer smaller spaces and lower rents but also luxury finishes and access to urban amenities.
A representative for CPM said the goal is to give renters “Class A, brand-new, high-end living in the best location” in a compact space that’s more affordable than the plethora of one- and two-bedroom apartments that now dominate Uptown. Those alcove units have about 544 square feet with rents that start at $1,450. The company said the units have been leasing so quickly they’ve already been able to increase rents.
The building will have the typical slate of amenities, including two rooftop decks, a year-round heated outdoor pool, a community clubroom, a fitness center, a pet washing station and a 24-hour coffee bar.
The Target store will be smaller than most — just 21,400 square feet, which is about one-fifth the size of a typical Target — but it will stock products that are expected to appeal to the demographics of the area. That includes fresh produce, grab-and-go goods, home décor and apparel and accessories for men and women. It will also have a CVS Pharmacy and Target’s Order Pickup service. The street-level store is scheduled to open on Oct. 18.
Dan Oberpriller, co-founder of CPM, offered this prepared statement: “CPM Companies is excited to be part of Uptown’s vibrant community, and we’re thrilled that a small-format Target store will provide a convenient option for our Revel residents, giving them access to retail essentials right in the same building.”
Minneapolis-based Target Corp. in 2014 started experimenting with the small-format stores by building one in a then-new apartment building in Dinkytown. The company then opened similar stores in St. Paul and San Francisco. For about a year, Target called the small stores Target Express. But in late 2015, it shed the monikers Target Express and City Target, used for a slightly larger urban-based store, and simply called them all Target.
Target is opening nearly 30 stores in the second half of 2017 and most are small-format units of about 20,000 to 30,000 square feet.