Target’s $59 million purchase of a chunk of Boylston Street property – which Boston developer Samuels & Associates plans to develop into a large-scale mixed-use project – is a done deal.

The Fenway properties had been owned by Boylston West Target LLC, a Samuels & Associates affiliate, the Boston Business Journal reports. Completing the sale paves the way for further development of the 550,000-square-foot Van Ness project.

Samuels & Associates’ plans for the Van Ness include 172 luxury residential units; 237,000 square feet of office space; a 200,000-square-foot retail portion; and 500 parking spots.

A 170,000-square-foot urban Target concept store, City Target, is expected to anchor the two-building project.

The Van Ness luxury units are slated to open in May, the BBJ reports.

Rendering via Samuels & Associates