SARASOTA, FLA. — Bloomfield Hills, Mich.-based Taubman Centers (NYSE:TCO) has unveiled its plans to construct the $315 million, 880,000-square-foot Mall at University Town Center, located at Interstate 75 and University Parkway in Sarasota.
Taubman and Sarasota-based Benderson Development are developing the enclosed mall, which is slated to commence construction later this year. The mall’s anticipated delivery date is fall 2014. Taubman and Benderson will each own 50 percent of the property, while Taubman will be responsible for the development, management and leasing.
The mall 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. The property will also host approximately 115 retailers and restaurants, more than half of which will be new to the market. There will also be a fourth department store added at a future date.
Executives of the mall’s three department stores spoke highly of the new development. “We are excited about expanding Saks Fifth Avenue's presence in Sarasota by opening our new store … which will be double the size of our existing store,” said Steve Sadove, chairman and CEO of Saks, in a press release.
“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,” added Sadove.
“In Sarasota, Macy's serves a strong year-round community as well as a thriving population of tourists and winter residents,” said Peter Sachse, Macy's chief stores officer, in a prepared statement. “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.”
William Dillard, II, CEO of Dillard’s continued, “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.”
According to CRE Consultants, southwest Florida only had 248,529 square feet of retail space under construction as of the end of 2011. This single development more than triples that figure.
The new mall joins a portfolio of Florida properties 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, in a prepared statement. “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,” continued Randy Benderson, president of Benderson Development. “This extraordinary investment in Southwest Florida's future will exceed anyone's expectations.”
Taubman has 27 U.S. properties that it owns, leases and/or manages coast to coast, and Benderson owns and manages more than 40 million square feet of retail, office industrial and hospitality space in 38 states.
Taubmans’s stock closed Tuesday at $76.59 per share, up dramatically from $56.75 per share at this time last year.
— John Nelson