UPDATED: MARCH 8, 2016 1:22 PM — Target Corp. is preparing some of its ample space off Oviedo Mall Boulevard for a retail or dining outparcel as large a 6,600 square feet, with the big box retailer having asked $1.6 million for the 1.3-acre parcel.
The final price for the land, which is freshly under contract, is unknown, along with who the potential buyer is and what use they intend. The land is undeveloped, and may require an architect, general contractor and subcontractors later this year.
Suzanne Hayes Washburn, CBRE broker handling the deal, would only say the property is under contract. A representative at Minneapolis-based Target declined to comment.
The outparcel for sale fronts Red Bug Lake Road, on the northwest corner of South S.R. 417.
The area is densely retailed, so the Target parcel could be a way of entry for a new restaurant or retailer to get a foothold in a high traffic area.
One possibility is a restaurant, given informational comments Seminole County planners have made to Target's agents about requirements for food service establishments and grease traps.
Target has operated the 121,494-square-foot Oviedo store at the 12.2-acre site for over 15 years, having bought the land in 1992 for $2.2 million, property records show.
The outparcel sale in Oviedo follows Target's planned sale of an outparcel in front of a Super Target on Kissimmee's W192 corridor, to be bought and developed by On The Border Mexican Cantina & Grill.