A new Target store is slated to open in Prospector’s Plaza in the summer of 2020 while at the same time the entire shopping center will undergo renovation.

That announcement came on the heels of an earlier notification by Gryphon Capital and Rich Development that they are the new owners of Prospector’s Plaza which is located off the Missouri Flat interchange.

The Target will be located in the now-vacant Kmart building, which closed in January of this year.

Planned renovations of Prospector’s Plaza, which was originally built in 1982, include upgrades to the facade, landscaping and signage with the work expected to be completed by next summer.

Two of those upgrades include a pedestrian parkway and re-creation of a city of Placerville landmark – its bell tower.

Chris Shane, a managing partner of Gryphon Capital, said his company and Rich Development acquired the center a little less than a month ago but have been working with El Dorado County for almost a year now behind the scenes.

In the process of discussions with a lot of new tenants, Shane said they are looking to fill the existing vacancies in the center.

“We’re very excited to come into the town of Placerville and the county of El Dorado,” said Shane, calling it a difficult and expensive market because of the topography. “But we think it will be a great long-term asset for our companies to own and operate.”