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Taubman to start construction on University Town Center mall in US

25 April 2012

University Town Center mall in US

US-based real estate investment trust Taubman Centers is planning to start construction on a $315m shopping mall later this year at University Town Center in Sarasota, Florida, US.

The mall will be located along the University Parkway near Interstate 75 in north Sarasota County.

The 880,000ft² two-level enclosed shopping centre will house an 80,000ft² Saks Fifth Avenue store, a 160,000ft² Macy's store and a 180,000ft² Dillard's as well as 115 other stores.

Taubman Centers chairman, president and CEO Robert Taubman said: "The Mall at University Town Center will be one of the premier shopping destinations on the west coast of Florida and it will be the preferred shopping destination in the Sarasota region for locals and visitors alike."

Plans also include a fourth department store to be added in the future as well as hotels, general office space and multifamily housing.

Taubman has partnered with real estate firm Benderson Development to complete the project; each firm will own 50% of the finished project.

Under the partnership, Taubman will be responsible for development, management and leasing of the centre.

The new site plans, filed with Sarasota County in the US this month, feature an anchor on each side of the mall and a third in the middle.

Parking facilities will be built around the 73-acre shopping centre, which will require the county to finish its Cattlemen Road extension project to serve as the main entrance.

The second stage will include two hotels, condo-style housing and an additional commercial space; plans for this phase are expected to be submitted before Sarasota County.

Benderson plans to commence construction on one of the hotels and 220,000ft² of general office space within one year and has secured approval to construct 1,700 residential units.

The shopping centre is anticipated to open in autumn 2014. 

 

Caption: The shopping centre will house three major retailers and 115 other stores. Image: courtesy of Taubman Centers, Inc.