Taubman And Benderson Development Company Begin Construction On The Mall At University Town Center In Sarasota, Fla.
BLOOMFIELD HILLS, Mich., Oct. 15, 2012 /PRNewswire/ -- Taubman Centers (TCO), Inc. (NYSE: TCO) and Benderson Development Company, LLC today announced the ground breaking on an 880,000-square-foot shopping center in Sarasota, Fla.
The Mall at University Town Center will be a state-of-the-art, two-level, enclosed mall featuring an 80,000-square-foot Saks Fifth Avenue, a 180,000-square-foot Dillard's and a 160,000-square-foot Macy's.
The $315 million shopping center will include more than 100 specialty stores and restaurants, approximately half of which are anticipated to be new to the market.
Located at I-75 and University Parkway, the area's most heavily traveled interchange, The Mall at University Town Center will be the dominant fashion shopping destination in the growing Sarasota region.
"Retailer response to The Mall at University Town Center has been tremendous," said Taubman Chief Operating Officer William Taubman. "We will feature many distinctive retailers not found anywhere else in the local market. The shopping center will offer a distinctive collection of upscale fashion and lifestyle retailers as well as sit-down restaurants."
"The Mall at University Town Center solidifies the University area as the premier shopping destination in Southwest Florida," said Randy Benderson, president of Benderson Development Company. "The shopping center, in conjunction with the Nathan Benderson Rowing Facility, will be a world-class destination and a tremendous community benefit for generations to come."
"The Mall at University Town Center will be a legacy project for Sarasota County," said Christine Robinson, Sarasota County Commission Chair. "It's an economically diverse development offering new jobs and new job opportunities. The mall was created by a visionary public-private partnership and based on a sustainable concept that will become a national benchmark for combining a world-class rowing and recreational facility with a world-class commercial and residential center."
At the conclusion of the groundbreaking ceremony, William Taubman presented a $10,000 check on behalf of the mall to the Education Foundation of Sarasota County, a non-profit organization dedicated to quality public education for all children. Through the generosity of a caring community, Education Foundation programs and initiatives go beyond what tax dollars can provide and helps to elevate local public schools to the top of Florida's education system.
"The communities where we build our shopping centers are the key to our success," said Taubman. "We believe it is important to reciprocate and support our local community as well."
The Mall at University Town Center will open on October 16, 2014. Visit www.themallatuniversitytowncenter.com.
About Benderson Development
Sarasota-based Benderson Development is one of America's largest privately held real estate companies. Benderson owns and manages its holdings, which consists of 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.
Taubman Centers is an S&P MidCap 400 Real Estate Investment Trust engaged in the ownership, management and/or leasing of 28 regional, super regional and outlet shopping centers in the U.S. and Asia. Taubman is also currently developing Taubman Prestige Outlets Chesterfield in Chesterfield, Mo.; The Mall of San Juan in San Juan, Puerto Rico; and a shopping mall in Xi'an, China. 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.
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, general development risks, 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.
SOURCE Taubman Centers, Inc.