Target Canada will open its first downtown Toronto store between the waterfront and Union Station in Harbour Plaza, a massive new residential and commercial project being built south of the Gardiner Expressway.

The two-storey Target will anchor the retail portion of the development, occupying 145,000 square feet, with underground parking and an entrance on Harbour Street facing onto a one-acre park, which is currently a swath of grass and some stately, mature trees beneath an expressway exit ramp.

The targeted opening is October, 2016.

Unlike urban City Target stores in the U.S., it will not be a smaller store with fewer items, but a large location providing discount department store shopping to the tens of thousands of waterfront residents whose closest option today is the Eaton Centre.

“It will be one of our largest stores in the entire country,” said Target Canada chief executive officer Tony Fisher, pointing out that the new store will also be easily accessible from the Financial District.

Despite a challenging entry into Canada in 2013, Target remains committed to the Canadian marketplace, said Fisher. It hopes to have a total of 150 stores by 2017.

“We know this is going to be successful long-term,” said Fisher.

Harbour Plaza will have 200,000 square feet of retail space in all, including other shops, services and restaurants, making Target the biggest retail presence by far.

Harbour Plaza, by Menkes Developments, will also be connected to Union Station, the PATH system and the Air Canada Centre.

It will include two residential towers that will dominate the Toronto skyline at 65 and 69 stories. One York Street, which was developed with the Healthcare of Ontario Pension Plan (HOOPP), will include a 35-storey office tower with HOOPP as a tenant.

“Toronto is experiencing tremendous growth with over 156 construction projects underway, many of which are 50-70 storey high-rise residential towers. Within one mile of the Target site, 15,000 new condominium units will be completed by 2016,” according to promotional material from Target.

Target is eager to open at Harbour Plaza in part because of major upgrades to infrastructure in the area that are being undertaken, including the Union Station renovation, streetcar system updates and the revitalization of York Street, which will include moving the Gardiner exit ramp to expand the park.

“Because of its location, the limited availability for new retail and minimal existing competition, and significant market growth, this development offers a very rare and strategic opportunity for Target,” according to Target.

PATH access to the store will be at the second level, featuring a branded corridor. Target will also have prominent signage visible along the Gardiner Expressway, branding around the main front lobby facing Harbour Street and an entrance at York Street and Lakeshore Boulevard.

Harbour Plaza will have 1,250 condos, ranging from 329-square-foot studios to 1,126-square-foot, three-bedroom suites, ranging in price from $230,000 to $830,000.

The link to Union Station will connect residents and office workers to the TTC, GO Transit and the new high-speed rail link that Metrolinx is building to Pearson airport.

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Some buildings located south of Harbour Plaza, including the RBC WaterPark Place now under construction, will also connect to the Menkes complex via pedestrian footbridge.

Correction– March 20, 2014:This article was edited from a previous version that said Target Canada’s new downtown location will anchor One York Street. In fact, the two-storey Target store will anchor the entire retail portion of Menkes Developments’ Harbour Plaza. As well, Healthcare of Ontario Pension Plan (HOOPP) is a partner in the 35-storey tower at One York Street, not a partner in the entire project.

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