WASHINGTON – Fort Lincoln New Town Corp. has locked in a Lowe’s home improvement store for the anchor slot at its Shops at Dakota Crossing that Target was once going to take.
Multiple sources familiar with the deal say Charlotte, N.C.-based Lowe’s Cos. Inc. (NYSE: LOW) will occupy a 130,000-square-foot building at 33rd Street and South Dakota Avenue NE. Target was, until late 2011, slated to occupy 136,000 square feet on the same parcel. But Target backed out, and it has taken some time to find a replacement anchor.
It will be Lowe’s first D.C. store, just as Dakota Crossing was Costco’s first D.C. location. Costco, the wholesale club that lured Vice President Joe Biden to its District grand opening last month, may prove to be quite the draw for Fort Lincoln, a planned community steps from the Prince George’s County border.
Lowe’s operates more than 1,745 stores in the U.S., Canada and Mexico, generating $50.2 billion in sales in 2011. It employees roughly 248,000 people.
In October 2011, the home improvement retailer announced it would close 20 underperforming stores in 15 states, but it later announced it would open a dozen new stores in fiscal 2012.
I’m told Lowe’s may be under construction by summer. The decision to build at Fort Lincoln suggests Lowe’s will no longer be in the discussion as part of the Wal-Mart-anchored Point at Arboretum development one mile away at New York Avenue and Bladensburg Road NE.
The District issued a permit Friday for a soil investigation — 12 soil borings — for a “potential tenant” at Dakota Crossing. The marketing brochure for the shopping center says there is a contract pending for the Lowe’s building. And we understand the formal announcement is mere days away.
Other permits issued Dec. 28: