BLOOMFIELD HILLS, Mich., April 24, 2012 /PRNewswire/ -- Taubman Centers, Inc. (NYSE: TCO) today announced that construction will begin soon on the state-of-the-art, 880,000-square-foot Mall at University Town Center at I-75 and University Parkway in Sarasota, Fla.
The approximately $315-million, two-level enclosed shopping center will feature an 80,000-square-foot Saks Fifth Avenue, a 160,000-square-foot Macy's and a 180,000-square-foot Dillard's, along with approximately 115 stores – more than half expected to be new to the market. In addition, a fourth department store is planned to be added at a future date.
The shopping center will begin construction later this year and is expected to open in the fall of 2014. The project is being developed by Taubman and Benderson Development. Each will own 50 percent. Taubman will be responsible for development, management and leasing of the center.
The Mall at University Town Center joins several other dominant fashion centers in Florida that Taubman owns or has co-developed, including International Plaza in Tampa, Waterside Shops at Pelican Bay in Naples, and Mall at Millenia in Orlando.
"The Mall at University Town Center will be one of the premier shopping destinations on the west coast of Florida," said Robert Taubman, chairman, president and CEO of Taubman Centers, "and it will be the preferred shopping destination in the Sarasota region for locals and visitors alike."
"This represents the perfect addition to the Gulf Coast's finest retail corridor," said Randy Benderson, president of Benderson Development. "This extraordinary investment in Southwest Florida's future will exceed anyone's expectations."
"We are excited about expanding Saks Fifth Avenue's presence in Sarasota by opening our new store in The Mall at University Town Center, which will be double the size of our existing store," noted Steve Sadove, chairman and CEO of Saks. "We look forward to showcasing our increased assortment of designer offerings in the new space and delivering even more special services and amenities to our many loyal Sarasota customers."
"In Sarasota, Macy's serves a strong year-round community as well as a thriving population of tourists and winter residents. The University Town Center location will provide us the opportunity to serve new and existing customers with the distinctive fashion, great value and exciting shopping experience for which Macy's is known," said Peter Sachse, Macy's chief stores officer. "We will continue to tailor our offering in Sarasota to meet the unique needs of the customers who live, visit and work there, and we expect to continue to be active members of the community."
Dillard's Chief Executive Officer, William Dillard, II, stated, "We are pleased to join in the exciting announcement of The Mall at University Town Center. Our new Dillard's store will enable us to present our Sarasota area customers and guests with compelling selections and premium Dillard's service in a new location featuring our latest in store design. We are looking forward to serving Southwest Floridians at The Mall at University Town Center."
Taubman Centers is a real estate investment trust engaged in the development, leasing and management of regional and super regional shopping centers. Taubman's 27 U.S. owned, leased and/or managed properties, the most productive in the publicly held U.S. regional mall industry, serve major markets from coast to coast. Taubman Centers is headquartered in Bloomfield Hills, Mich., and its Taubman Asia subsidiary is headquartered in Hong Kong. For more information about Taubman, visit www.taubman.com.
Sarasota-based Benderson Development is one of America's largest privately held real estate companies. Benderson owns and manages more than 40 million square feet in 38 states. The diverse Benderson portfolio includes retail, office, industrial and hotel properties. For more information about Benderson, visit www.benderson.com.
Saks Fifth Avenue, one of the world's preeminent specialty retailers, is renowned for its superlative American and international designer collections, its expertly edited assortment of handbags, shoes, jewelry, cosmetics and gifts, and the first-rate fashion expertise and exemplary client service of its Associates. Today, Saks operates 45 full-line stores in 20 states, 2 licensed stores in the Middle East and 2 licensed stores in Mexico City, 61 Saks Fifth Avenue OFF 5TH stores and saks.com, the company's online store. Saks Fifth Avenue is proud to be named a J.D. Power and Associates 2012 Customer Service Champion and is only one of 50 U.S. companies so named.
Macy's, Inc., with corporate offices in Cincinnati and New York, is one of the nation's premier retailers, with fiscal 2011 sales of $26.4 billion. The company operates about 840 department stores in 45 states, the District of Columbia, Guam and Puerto Rico under the names of Macy's and Bloomingdale's, as well as the macys.com and bloomingdales.com websites. The company also operates seven Bloomingdale's Outlet stores.
Dillard's, Inc. is one of the nation's largest fashion apparel, cosmetics and home furnishing retailers. The Company's stores operate with one name, Dillard's, and span 29 states. Dillard's stores offer a broad selection of merchandise, including products sourced and marketed under Dillard's exclusive brand names. For more information about Dillard's, please visit www.dillards.com.
For ease of use, references in this press release to "Taubman Centers," "company," "Taubman" or an operating platform mean Taubman Centers, Inc. and/or one or more of a number of separate, affiliated entities. Business is actually conducted by an affiliated entity rather than Taubman Centers, Inc. itself or the named operating platform.
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements reflect management's current views with respect to future events and financial performance. The forward-looking statements included in this release are made as of the date hereof. Except as required by law, we assume no obligation to update these forward-looking statements, even if new information becomes available in the future. Actual results may differ materially from those expected because of various risks and uncertainties, including, but not limited to the global credit environment and the continuing impacts of the recent U.S. recession, other changes in general economic and real estate conditions, changes in the interest rate environment and the availability of financing, adverse changes in the retail industry and integration and other acquisition risks. Other risks and uncertainties are discussed in the company's filings with the Securities and Exchange Commission including its most recent Annual Report on Form 10-K.