Target buzz emerges in recent planning meetings for Lobo Crossing development

A Target could be one of the many retail tenants joining a development project central to the University of New Mexico’s vision of growth for its South Campus.

University officials first revealed talks to potentially incorporate the national grocery store and retailer Target into UNM’s South Campus Tax Increment Development District, or TIDD, in 2023, according to previous Journal reporting.

Documents from an Oct. 16 Environmental Planning Commission, or EPC, meeting show that interest in bringing a Target to the South Campus TIDD is still going strong and is now geared toward making Lobo Crossing Shopping Center — a 363,000-square-foot retail and dining hub planned for the TIDD — the retailer’s future home.

“It is anticipated that the commercial center will be developed with a variety of commercial and retail businesses, ranging from restaurants to a Target with a grocery store,” the document read, citing a September response from UNM’s real estate arm, Lobo Development Corp., during a meeting with local neighborhood associations.

Officials announced details of the Lobo Crossing project in July after UNM’s Board of Regents approved an ownership transfer for a little over 38 acres of university-owned land east of Interstate 25 in Southeast Albuquerque to commercial real estate developer SimonCRE for creation of the development.

SimonCRE, based in Arizona, is under contract to purchase the property for $11.75 million in a deal expected to close early next year. The deal is contingent upon the developer securing a national, large-scale food and general merchandise retailer as an anchor tenant.

SimonCRE Founder and CEO Josh Simon told the Journal he could not comment on Target’s potential role in the project.

In a statement to the Journal, a Target spokesperson said the company is “pursuing the opportunity to reach new guests in the Albuquerque ... area, but at this time, we’re not at a point where we can share any new store plans.”

The potential Target would join roughly 11 junior anchor tenants and several small retail and restaurant operators at the open-air development. UNM officials expect Lobo Crossing to be “the single largest revenue generator” within the South Campus TIDD, previous Journal reporting said.

UNM’s TIDD sets aside up to 75% of incremental gross receipts and property taxes from the state, city and county for public infrastructure projects like Lobo Crossing. The TIDD was created to incentivize transformation of UNM’s largely undeveloped South Campus into a hub of activity.

Thursday’s EPC meeting moved the project one step forward, with the commission passing a recommendation to City Council to approve a zoning map amendment that would allow UNM to rezone the property and prepare it for development when it’s sold to SimonCRE, according to EPC documents.

The developer is hopeful for a 2026 groundbreaking, Simon told the Journal in July.