LITTLE ELM, Texas — This article was originally published by our content partners at the Dallas Business Journal. You can read the original article here.
Target Corp. is set to add a new store in the fast-growing Little Elm area.
The location will anchor a 225,000-square-foot shopping center planned at the southwest corner of U.S. Route 380 and Ryan Spiritas Parkway, according to Davidson Bogel Real Estate, which was involved in the land sale for the development.
Weber & Co. is developing the shopping center. The company purchased the land from the family of the Rev. William Edmunds Bates, who had bought it in 1867. He founded a handful of Methodist churches across the country, including Oak Grove Church on FM 720, just west of the future shopping center.
The shopping center will be named Bates Towne Crossing "to acknowledge the property’s history and create a sense of local connection to the development," David Davidson of Davidson Bogel Real Estate said in an email. His firm represented the sellers. Broker information for the other side of the deal was not immediately clear.
Target (NYSE: TGT) did not immediately respond to a request for comment but a spokesperson for the company told the Dallas Morning News the retailer was "excited" for the location.
The retailer's arrival is a big deal in Little Elm. The company has around 2,000 total stores, including dozens across North Texas. Target reported third-quarter earnings on Nov. 20 including revenue of $25.7 billion and net income of $854 million, the latter of which was far below analysts' expectations, sending its stock plunging more than 21% to $121.72.
The Target is scheduled to open in the summer of 2026. While Davidson said the site plan may change slightly, numerous co-tenants will inhabit the retail space surrounding Target. The plan currently shows eight other buildings surrounding the anchoring Target.
Weber & Co. has built a plethora of shopping centers across North Texas, home to retailers such as Target, Lowe’s, Walmart, Kroger and Home Depot.
Little Elm is seeing a proliferation of retail and grocery development. There's an Aldi grocery store nearby and Sprouts Farmers Market is scheduled to move in on the other side of U.S. 380 from the Target, next to a Denton ISD elementary school. Arby's and Shell will also join the neighborhood.
H-E-B owns the land to the west of Target, however it is unclear if the company plans to build on it. The company opened its second Frisco location in August, about 5 miles away from the empty plot of land. H-E-B has been known for buying and holding lots of real estate as part of its site selection and investment process.
Davidson said the fast-growing area is alluring for developers and builders. He pointed to homebuilder D.R. Horton's top-selling residential community, Silverado, just 2 miles north of the future Target as a testament to the demand.
Little Elm has seen exponential growth in recent years. Little Elm's economic development team reported handling $34.1 million in deals in 2023, according to Dallas Business Journal research. The town is characterized by its 66-mile-long shoreline along Lake Lewisville, the largest shoreline in North Texas. Its estimated population was more than 58,000 last year, up 26% from 2020 and a breathtaking 150% increase since 2000.
