Shopping center developer Taubman Centers has announced construction is set to begin on the new Mall at University Town Center in Sarasota, Fla.
The new mall will cost approximately $315 million and measure 880,000 square feet. Taubman Centers recently announced that three of the four anchor stores have signed on. Dillard's, Macy's, Saks Fifth Avenue and a fourth store to be named later will be taking up the largest spaces in the new shopping center. Saks and Macy's are moving their current stores in Sarasota to the new locations, with 80,000 and 160,000 square feet locations, respectively. Dillard's is debuting in Sarasota with a 180,000-square-foot facility.
Approximately 115 additional stores will be debuting in the shopping center as well, with more than half coming to the area for the first time.
"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. "And it will be the preferred shopping destination in the Sarasota region for locals and visitors alike."
Taubman has 27 regional shopping centers across the U.S., including similar sites in Florida located in Orlando, Tampa and Naples. Taubman is partnering with Benderson Development for this particular project, with each company owning 50 percent of the shopping center.
Construction on the new center will start later this year, with an aim of opening in the fall of 2014.
Contractors that get chosen for a massive project such as a shopping center may find steady employment for years as it's built. However, construction companies need to ensure they have the right equipment to get the job done. The online auction site IronPlanet offers a wide variety of used construction equipment, often at a more affordable price than buying new. In addition, the site's IronClad Assurance allows buyers to view full inspection reports before they bid.