“What are you thinking, Brookfield?” County treasurer opposes Target on Mag Mile

Maria Pappas outraged that retailer may ink lease at Water Tower Place

Chicago /
Mar.March 09, 2021 02:44 PM
Water Tower Place at 835 N Michigan Avenue and Cook County Treasurer Maria Pappas (Google Maps, Cook County)

Water Tower Place at 835 N Michigan Avenue and Cook County Treasurer Maria Pappas (Google Maps, Cook County)

Target isn’t magnificent enough for the Magnificent Mile.

That’s according to Cook County Treasurer Maria Pappas, who expressed outrage that the retailer might sign a lease at Brookfield Property Partners’  Water Tower Place.

“Disgusting,” Pappas said of Target potentially occupying part of the 170,000 square feet that Macy’s is exiting, the Chicago Tribune reported, citing an interview she did on WGN Radio.

“I’m like, what are you thinking, Brookfield?” Pappas said during the interview. She said Target shouldn’t be mixed with luxury brands Gucci and Louis Vitton, which both have shops on the high street location. “I’m trying to figure out what is magnificent on the Magnificent Mile about Target,” Pappas said.

But wait, there’s more.

Pappas then trained her sights on Brookfield, which recorded about $2 billion in losses in 2020, with its retail and office holdings getting slammed by the pandemic. She called the company “so desperate they would take anybody who would give them a dollar to get into the building.”

Brookfield responded that it wasn’t ready to announce a new tenant, and Target said it was evaluating locations, the Tribune reported.

For all its magnificence, Macy’s said in early January that it would shutter its flagship store at Water Tower Place, a decision that had been months in the making. At the time, the retailer said it would hold clearance sales for up to 12 weeks before closing permanently. The same week, the Gap said it would permanently close its 3,700-square-foot store at Water Tower Place.

Target, meanwhile, is coming off a banner year and opening stores by the dozens across the country.

[Tribune, WGN] — Alexi Friedman

 

Related Articles

arrow_forward_ios
717 N Michigan and Acadia’s Christopher Conlon (Acadia, LinkedIn via Conlon)
Disney Store departs Mag Mile, leaving Acadia’s prime retail corner vacant
Disney Store departs Mag Mile, leaving Acadia’s prime retail corner vacant
CIM Group’s Shaul Kuba and 444 N. Michigan Avenue (Getty, Google Maps)
Here’s what tenants are paying at CIM’s 444 North Michigan
Here’s what tenants are paying at CIM’s 444 North Michigan
A proposal to create a new taxing district along the Magnificent Mile has failed to advance in City Council (The Magnificent Mile)
Mag Mile tax fails to advance in City Council
Mag Mile tax fails to advance in City Council
Ashkenazy CEO Ben Ashkenazy and 625 N. Michigan Avenue (Credit: Google Maps)
Ashkenazy scores $61M loan for retail portion of Mag Mile office tower
Ashkenazy scores $61M loan for retail portion of Mag Mile office tower
A rendering of the Target warehouse at 3501 S. Pulaski Road and Target CEO Brian Cornell (Credit: Hilco Redevelopment, Target)
Target takes aim at massive warehouse in Little Village
Target takes aim at massive warehouse in Little Village
As fewer tenants want huge blocks of space, retail landlords along the Magnificent Mile have adapted by breaking up spaces for multiple tenants. (Credit: iStock, Google Maps; illustration by Kevin Rebong for The Real Deal)
Portion Control: Inside the retail rightsizing of the Magnificent Mile
Portion Control: Inside the retail rightsizing of the Magnificent Mile
The Best Buy at 875 North Michigan Avenue (Credit: Glenn H. Johnson Construction)
Add Best Buy to the ever-growing list of retailers leaving Magnificent Mile
Add Best Buy to the ever-growing list of retailers leaving Magnificent Mile
Chicago's Michigan Avenue, known as the Magnificent Mile (Credit: iStock)
Mag Mile retail market a crossroads
Mag Mile retail market a crossroads
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...