US based Taubman Centers has announced that it will begin construction of a mall at the University Town Centre located at I-75 and University Parkway in Sarasota, Fla. The project is worth around $315 million and will cover a total area of 880,000 sq. ft. Construction of the mall is likely to commence during the later part of 2012 and is likely to be completed by 2014.
Taubman Centers, Inc. announced today that construction will soon begin on The Mall at University Town Center in Sarasota, Fla. (Rendering). (PRNewsFoto/Taubman Centers, Inc.)
Taubman and Benderson Development will jointly develop the project with each owning 50%. Taubman will be responsible for developing, managing and leasing the center.
The mall will contain two levels, which will feature Saks Fifth Avenue for an area of 80,000 sq. ft, Macy’s for 160,000 sq. ft and Dillard’s for 180,000 sq. ft. Apart from these outlets, the mall will contain 115 stores of which more than half are new to the market. The mall is likely to have a fourth departmental store in the future.
According to Robert Taubman, Chairman, President and CEO of Taubman Centers, after construction the mall at University Town Centre will be one of the premier shopping malls in the west coast of Florida. Senior executives from Saks Fifth Avenue, Macy’s and Dillards have stated that the mall will serve as a community to the population located around and will offer a wide range of selection for avid shoppers.
Taubman Centres specialises in lease, development and management of regional and local shopping centres around the country. The company owns 27 such leased and managed properties in the US.
Source: http://www.taubman.com