It had been widely know for sometime, but now it's official.
Simon Property Group, Inc. announced Tuesday that Target had recently purchased a 10.3-acre tract of land at its Pier Park development at Panama City Beach and is already underway with construction on a 136,000 square-foot store that is expected to open in early October.
Pier Park is a much-anticipated 900,000 square-foot retail and entertainment complex located on 93 acres that covers land from Front Beach Road (at the City Pier) to the heavily-traveled Highway 98. Phase I of Pier Park is scheduled to open in the spring of 2007.
“Target is a great retailer and will be a wonderful anchor for Pier Park,” said Myles H. Minton, senior vice president of development at Simon Property Group. “Their commitment to this project gets us off to a flying start.”