Target is set to expand to Celina as the anchor for a $90 million commercial development, said Anthony Satarino, president of the Celina Economic Development Corp.
The development, called Celina Towne Crossing, will sit on roughly 45 acres at the northeast corner of Preston Road and Outer Loop near other major retailers like Walmart Supercenter, Costco Wholesale, Lowe’s Home Improvement and The Home Depot.
Celina City Council approved an economic incentive agreement for the development at a Nov. 10 meeting.
The details
The shopping center will add 359,000 square feet of commercial space, according to Satarino’s presentation.
Target will be 145,000 square feet, and the rest of the development will include three junior anchors, two full-service restaurants and four strip retail centers.
In exchange for the development, the city of Celina has agreed to waive all of the building and impact fees for the project, which would otherwise cost roughly $7.5 million, Satarino said.
Plans for the development include a dry detention pond, which the city will pay to convert into a water feature with enhanced landscaping as part of the agreement.
Finally, Celina Towne Crossing will set aside some of the land in the development for city-funded monuments and public art that will create a “gateway feature,” per Satarino’s presentation.
The conditions
Celina Towne Crossing will have to meet certain requirements to remain eligible for incentives from the city.
The developer will have to invest at least $90 million in capital improvements like buildings and infrastructure, according to Satarino’s presentation.
Components of the commercial center will have to be complete by 2029 to qualify for the incentives:
Target delivered by June 1, 2029
Three junior anchors delivered by June 1, 2029
Two full-service restaurants delivered by Dec. 1, 2029
Four strip retail centers by Dec. 1, 2029
Satarino estimated the city will more than double its investment within 10 years, he said.
