Though officially announced in late February, Mizrahi's Target deal has been on the fashion radar since fall. This week the famed designer is finally unveiling his full debut line for the discount chain, which already counts designers like Mossimo Giannulli and Liz Lange in its fashion stable.

Five years after backer Chanel pulled the plug on his 10-year-old business, Mizrahi is back on the design scene in full-force, and ready to have the average American woman join Blaine Trump and Lauren du Pont on his client list.

"This is the most expensive piece and it's only $69.99," Mizrahi exclaimed in the showroom Wednesday, himself seemingly shocked at the bargain, as he hurried over to a hooded beige trench with button-out bright orange quilted lining, emblazoned with his vibrant color block logo. The tour continued -- camera crew in tow, as the third season of The Isaac Mizrahi Show on Oxygen just kicked off Monday -- and the designer illuminated the finer points of a glam, yet carpool-appropriate '50s-style belted red corduroy dress, a straight denim skirt and go-with-everything knit tops.

A quick spin around the West Side showroom where the collection is displayed and it's clear that Mizrahi hasn't lost any of his joyous color sense. There's the red dress here, an orange lining there, and a tailored corduroy blazer comes not only in basic black, but also in hot pink.

Accessories are on the line-up as well, and include a pink suede hat and gloves, plus a bunch of berets and evening bags. Sunglasses, everyday totes and shoes (starting at only $14.99) are also part of this A-to-Z sportswear collection.

"I don't like to say 'older,'" Mizrahi demurs, when asked to classify the collection, "but this definitely isn't a juniors line. It's about solutions."

And he's looking for new ones all the time. Before he's done shaking your hand he's critiqued your shoes ("cute, but I would do the toe a bit differently") and complimented your coat -- while simultaneously reaching back to check its tag.

Mizrahi is no label snob though. "These clothes will be next to Tide, displays of Downey, a wall of automotive parts," he said Wednesday, sweeping his characteristically effusive arm around the studio at his Target wares. And how does that sit with a designer accustomed to hanging his clothes on the racks of Bergdorf Goodman and Saks? "I love it!" he exclaims. "It's my life's dream."

Mizrahi hasn't given up entirely on the high-end side of fashion though. As he launches his Target collection, he is also giving birth to IM to Order, a small salon that will produce only about 50 made-to-order dresses a year.

So now that this Manhattanite has his own Target line, will he help the borough's thriftier fashionistas push for a local store? But of course. "And it doesn't have to be on 42nd Street. I'm thinking Meatpacking District."

Isaac Mizrahi for Target will hit 1,148 Target stores in 47 states nationwide on August 1.