Sarasota, Fla. — Taubman Centers Inc. and Benderson Development Co. LLC have broken ground on The Mall at University Town Center, a two-story, 880,000-square-foot mall in Sarasota. The $315 million development will be anchored by an 80,000-square-foot Saks Fifth Avenue, a 180,000-square-foot Dillard's and a 160,000-square-foot Macy's. The project will also include more than 100 stores and restaurants, half of which are expected to be new to the market.
"Retailer response to The Mall at University Town Center has been tremendous," says William Taubman, COO of Bloomfield Hills, Michigan-based Taubman Centers. "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 is scheduled to open on Oct. 16, 2014, at I-75 and University Parkway. The companies expect the project to be the dominant fashion destination in the growing Sarasota region.
"The Mall at University Town Center solidifies the University area as the premier shopping destination in Southwest Florida," says Randy Benderson, president of Sarasota-based Benderson Development Co.
The development is expected to create 1,000 construction jobs, in addition to 2,000 permanent jobs after the shopping center is open.
Taubman Centers will manage the center, while Taubman and Benderson Development LLC will own the property.
Benderson owns and manages 40 million square feet in 38 states. Taubman Centers owns, manages or leases 28 centers in the U.S. and Asia. The company is also developing Taubman Prestige Outlets Chesterfield in Chesterfield, Mo.