August 30, 2010 Issue

   
 

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CVS moving into Elliot Park

UPDATED May 5, 2009, 2:28pm

CVS Pharmacy has purchased 10,000 square feet on the ground floor of the Skyscape Condominiums, the developer confirmed today.

The deal closed on May 1, and construction started Monday on the new store at South 10th Street and Portland Avenue. A CVS spokesman said the store will open in September.

“I think [it] really is a major statement for Elliot Park and Skyscape that a retailer of that stature has confidence in that neighborhood enough to buy [the space], not just lease it,” said Paul Dincin, principal of the Skyscape developer Tandem Partners.

He said the pharmacy’s arrival in the midst of a difficult retail environment is particularly impressive.

“There’s not a lot getting done, retail-wise, and it’s just going to be so wonderful for Elliot Park to have a true national tenant with a wide, vast array of stock,” Dincin said.

The layout represents a full-scale, standard floor plate for CVS and it will span almost all of Skyscape’s first level. The store will occupy the old Otho restaurant space that shut down in late 2008.

Free parking for CVS will be available through a Skyscape driveway off of Portland Avenue.

“It’s going to be a very good urban use, and I think a huge convenience amenity to people that live at Skyscape,” Dincin said. “We’re thrilled they’re moving in.”

CVS has demonstrated strong interest in the Downtown market in recent years.

Another CVS Pharmacy opened a year ago on the other end of Downtown at 11th and Hennepin. Developers have also worked to bring CVS into the Mill District, although those negotiations did not pan out.


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