T.J. Maxx is set to anchor a busy Near North Side retail corridor later this year, Farpoint Development announced Thursday.
The retailer signed a 10-year lease for 26,000 square feet of space at 939 W. North Ave. and is set to open in the third quarter, according to a news release from the Chicago-based developer.
“We consider this the gateway to the Lincoln Park retail,” Alex Katz, principal at Farpoint Development, said. “[That corner] represents so much retail synergy.”
Other tenants at the 200,000-square-foot building include Fitness Formula Clubs, Iteld Plastic Surgery and Urban Oasis.
“We always anticipated this building to be really a health and wellness project, but retail coincides with that given that the types of people that visit these establishments within the building are still shoppers,” Katz said.
He said prior to 2020, tenants at the property included J. Crew, Victoria’s Secret and Gap.
The corridor now includes popular retailers such as Lululemon, Nordstrom Rack, Sephora and Crate & Barrel.
T.J. Maxx, an off-price retailer, chose the property because it has indoor parking, public transit access and nearby retail and dining options, according to the news release.
The company operates more than 1,000 stores in the U.S., including seven locations in Chicago. It’s owned by TJX Cos., which also operates companies such as Home Goods and Marshall’s.
“The interesting thing about T.J. Maxx and their business model is they cater to the communities that they’re in,” Katz said. “So no T.J. Maxx store ... is really the same with what they stock. Each one kind of stands on its own.”
Letters of intent have been sent out to potential tenants to fill the 10,000-square-foot vacancy on the first floor and the 35,000-square-foot space on the second floor, Katz said.
Since acquiring the building in 2024, minor renovations have been made but an exterior facade remodel will happen soon, he said.
In a joint venture, Farpoint and MCZ Development purchased 939 W. North Ave. at auction for $20 million, a nearly 78% loss for former owner Principal Financial Group, Crain’s Chicago Business reported at the time.
Fairpoint is founded by Regina Stilp and Scott Goodman, whose other business Sterling Racine had owed millions to the CTA over unpaid rent and late fees.
T.J. Maxx’s closest location is about two miles away, on Clark Street and Diversey Parkway in Lincoln Park.