By: Kyle Tabuena-Folli, Laurel Galanter and Stephanie Sherman
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By 2012, locals can get everything from food to fashion at the new Target store in the 7th and Fig shopping center downtown. That is where Los Angeles Mayor Antonio Villaraigosa held a news conference to announce what he says is the biggest retail deal downtown has had in 20 years.
Villaraigosa: There’s no question about this. This is a reversal of a long trend of retail leaving downtown. This is a great day for downtown Los Angeles, for people who live here and work here as well.
The store will be more than 100,000 square feet. The lease is signed with Brookfield Properties. Representatives from Target say there will be a heavy emphasis on food and household products.
Some workers downtown say they are thrilled with the prospect of more shopping.
Worker: 7th and Fig, it needs that. It needs it because it’s dying. Little by little, all of these businesses are going away. There’s no traffic, there’s really nothing going on there, so I’m sure it will bring the shopping center back.
The shopping center has been without a major retailer since Macy’s left early last year.
Many are unaware that Downtown has been undergoing a resurgance for more than 10 years now. Tens of thousands of middle and upper income residents have been moving in. Ralph’s market opened downtown to great success, and now Target. As a downtown real estate professional, I am honored to be part of the revitalization of downtown Los Angeles. — Corey Chambers, LoftLivingLA