South Florida’s first Target superstore shut down last year. Now, it may become a spot for 550 apartments.

Valero said his partners at Estate Companies and MMG Equity Partners didn’t want more retail in a “market saturated with boxes.” He said he thought new housing would work well in an area where people could walk to Starbucks and CVS. Those businesses already are in the outparcels of the area, giving it a “semi-dense, urban feeling.”