Last updated on April 18, 2014 at 1:21 EDT

Taubman Prestige Outlets Chesterfield Accelerates Construction To Meet Missouri’s 2013 Tax-free Holiday

September 10, 2012

BLOOMFIELD HILLS, Mich., Sept. 10, 2012 /PRNewswire/ — Taubman Centers, Inc. (NYSE: TCO) announced today that the grand opening of Taubman Prestige Outlets Chesterfield has been moved up to Friday, August 2, 2013. The earlier opening date will enable the St. Louis-area outlet mall to be open for business during Missouri’s back-to-school sales tax holiday weekend, August 2-4, 2013.

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“We are accelerating our construction process to ensure that area residents and tourists alike can shop during one of the most important shopping weekends of the year,” said Taubman’s chief operating officer William Taubman. “This is also a great advantage for our retailers providing them the ability to be open during the second busiest shopping season of the year,” added Taubman.

Taubman plans to open Phase One of the shopping center that will include approximately 310,000 square feet and approximately 80 stores on August 2, 2013. An additional 140,000 square feet and approximately 30 to 40 stores are slated to open with Phase Two in the spring of 2014. Construction is underway on the Taubman Prestige Outlets Chesterfield site — drainage and utility work is planned to be completed in the next few weeks and building walls are planned to start going up by mid-October.

Taubman held an official groundbreaking on July 25. At the same time, the company announced it had received final federal, state, local and city approvals to construct the shopping center.

Taubman Prestige Outlets Chesterfield is planned to feature 450,000 square feet of retail space with over 100 stores upon completion of Phase Two. The 49-acre open-air shopping center will be located near the Boone’s Crossing exit off Highway 40. Taubman estimates the project will generate 750 construction jobs and will employ approximately 1,200 people when the mall is fully operational. Taubman Prestige Outlets Chesterfield is expected to generate sales of approximately $175 to $200 million with expected tax revenues in excess of $14 million.

About Taubman Prestige Outlets Chesterfield

Taubman Prestige Outlets Chesterfield, a 49-acre high end shopping center featuring more than 100 stores will open on August 2, 2013. With 450,000 square feet of retail space and a lineup of premier fashion retailers, TPOC will be a shopping destination for locals and visitors alike. Its open air design, dog friendly environment and access to the levee fitness trail create a unique retail experience for shoppers. For more information about Taubman Prestige Outlets Chesterfield, visit www.taubmanprestigeoutletschesterfield.com

About Taubman

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, Missouri; The Mall at University Town Center in Sarasota, Florida; 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, Michigan 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.

Source: PR Newswire