Discount retailer Target will open a store at Bellevue Center, sources familiar with the project have told NashvillePost.com.

The store would help offset the pending departure of Macy's and join a Kohl's location that was announced at a Bellevue community meeting last fall. Kohl's will occupy the second-floor space above the development's library.

Although the closing of Macy's Bellevue Center location illustrates the poor economic climate facing retailers and developers, Macy's exit is potentially important to California-based Foursquare Properties' $130 million plans for to redevelop the site.

As part of the developer's agreement with Metro government for tax-increment financing to underwrite the project's cost, Foursquare has a March 1 deadline to secure its part of the financing. But as Macy's sweep of 11 poorly performing stores across the country shows, retailers are closing more doors than they are opening and are wary of signing on to new developments.

Despite landing these tenants, current economic conditions raise the question of whether or not the March 1 deadline is feasible.

“I don't know if it's going to be done before the March 1 deadline with the economy the way it is, but I'm still confident this is going to get done,” said District 35 Councilman Bo Mitchell. “There's going to have to be restructuring because Macy's was part of the mall they were going to not knock down.”

Foursquare President Jeff Vitek told Councilman At-Large Charlie Tygard in December his company was at work on securing tenants and “expected to have a financing package to present in February,” Tygard told NashvillePost.com.

The project remains attractive for retailers thanks to the $12 million TIF, which allows the project to use the difference in property tax values to pay off the project debt. NashvillePost.com made requests to Foursquare for comment on the status of its tenant search.

The company replied with a statement from Vitek on Macy's departure: “Their decision does not impact our resolve or ability to move our project forward.”

Metro officials acknowledge the project faces challenges in terms of securing tenants, but those issues haven't changed the government's support of the project. 

“It was still a good deal for Metro in terms of the benefits and giving a library to Bellevue,” said Metro Director of Finance Rich Riebeling. He added he remains hopeful financing can be secured by March 1. “It's one of those things where I hope to get a call tomorrow saying the deal is done.”

Riebeling said he is open to extending the deadline if needed.