Groundbreaking Nears for Taubman’s $315M Sarasota Mall

Taubman Centers Inc. announced that construction will start later this year on its state-of-the-art, 880,000-square-foot Mall at University Town Center. Partnering with Benderson Development on the $315 million project, Taubman will own 50 percent of the shopping center, while also being responsible for development, management and leasing.

Taubman Centers Inc. announced that construction will start later this year on its state-of-the-art, 880,000-square-foot Mall at University Town Center. Partnering with Benderson Development on the $315 million project, Taubman will own 50 percent of the shopping center, while also being responsible for development, management and leasing.

According to an official statement, the 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.

Located at I-75 and University Parkway in Sarasota, the shopping center is expected to open in the fall of 2014.

“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 & CEO of Taubman Centers, “and it will be the preferred shopping destination in the Sarasota region for locals and visitors alike.”

The Mall at University Town Center joins several other dominant fashion centers in Florida owned or co-developed by Taubman, including International Plaza in Tampa, Waterside Shops at Pelican Bay in Naples and Mall at Millenia in Orlando.

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.-based 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.

Image Courtesy of Taubman Centers, Inc.