Taubman Announces Construction To Begin On The Mall of San Juan
BLOOMFIELD HILLS, Mich., May 17, 2012 /PRNewswire/ — Taubman Centers, Inc. (NYSE: TCO) today announced that construction will begin this summer on an approximately 640,000-square-foot shopping center in San Juan, Puerto Rico.
Formerly known as Plaza Internacional, The Mall of San Juan will be a state-of-the-art, two-level, enclosed mall featuring a 138,000-square-foot Nordstrom and a 100,000-square-foot Saks Fifth Avenue. It will be the first upscale mall on the island and the first and only location in Puerto Rico for both Nordstrom and Saks. It is anticipated that the project will also include a Crowne Plaza hotel and casino, developed by the current land owner, New Century Development, Inc.
“We are thrilled to bring Saks Fifth Avenue to Puerto Rico and to The Mall of San Juan,” noted Steve Sadove, chairman and chief executive officer of Saks Incorporated. “We look forward to delivering our distinctive, world-class selection of luxury brands and memorable service experiences to the residents of and visitors to the island.”
“The Mall of San Juan will be a very exciting shopping destination for Puerto Rico and we’re glad we’re a part of it. Our first priority is to serve the local island customer with a Nordstrom store of their own featuring great quality and luxury fashion for everyone in the family. It’s an added bonus to be able to serve visitors to Puerto Rico too,” said Erik Nordstrom, president of stores for Nordstrom.
The $405-million shopping center will include more than 100 specialty stores and restaurants, approximately 60 percent of which are anticipated to be new to the island.
“We are proud to bring a true luxury shopping experience to Puerto Rico,” said Taubman Chief Operating Officer William Taubman. “We believe that, in keeping with its name, The Mall of San Juan will become the place to shop and dine on the island for residents and visitors alike, keeping local shopping dollars on the island, and capturing additional tourism dollars for the Commonwealth.”
“We are excited about The Mall of San Juan and what it represents for Puerto Rico in terms of jobs, economic development, and new shopping options for our community,” said Frank Tragolo, partner, New Century Development. “It will surely add new energy to San Juan overall.”
The Mall of San Juan is designed to reflect the rich culture and heritage of San Juan, but with a fresh, contemporary twist. The architecture will have a timeless character and utilize quality materials and finishes to enrich the shopping experience. Customer-friendly amenities along with easy parking and access will enhance the comfort and convenience of visitors. The Mall of San Juan will include world-class retailers, the island’s only high fashion department stores, exquisite dining and entertainment, and a planned 264-room Crowne Plaza hotel and casino. Located in the municipality of San Juan, adjacent to the San Jose Lagoon at the south end of the Teodoro Moscoso Bridge, the development is just two miles from the international airport. The anticipated opening of the center is late 2014.
New Century Development, Inc. is a real estate development firm headquartered in Puerto Rico focused on the development of the 27-acre parcel of land that will host The Mall of San Juan. In addition, New Century is planning to build the hotel and casino portion of the project, and an office tower complex on the site.
Nordstrom, Inc. is one of the nation’s leading fashion specialty retailers. Founded in 1901 as a shoe store in Seattle, today Nordstrom operates 231 stores in 31 states, including 117 full-line stores, 110 Nordstrom Racks, two Jeffrey boutiques, one treasure&bond store and one clearance store. Nordstrom also serves customers through Nordstrom.com and through its catalogs. Additionally, Nordstrom operates in the online private sale marketplace through its subsidiary HauteLook. Nordstrom, Inc.’s common stock is publicly traded on the NYSE under the symbol JWN.
Founded in 1924 with the opening of its Fifth Avenue, New York City flagship store – which continues today as its landmark store – Saks Fifth Avenue is one of the world’s preeminent specialty retailers. Saks is renowned for its superlative American and international designer apparel collections; its expertly edited assortment of handbags, shoes, jewelry, accessories, cosmetics and gifts; and the first-rate fashion expertise and exemplary client service of its associates. Today, Saks Fifth Avenue operates 45 full-line stores in 20 states, licensed Saks Fifth Avenue stores in the Middle East and Mexico, 61 Saks Fifth Avenue OFF 5TH stores, and saks.com, the company’s online store. Saks Fifth Avenue is proud to be named a J.D. Power and Associates 2012 Customer Service Champion and is only one of 50 U.S. companies so named. Saks Fifth Avenue’s parent company, Saks Incorporated, is publicly traded on the NYSE under the symbol SKS.
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. 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. 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 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.