The joint developers didn't disclose the estimated hard construction cost of the project. But area construction industry estimators tell GlobeSt.com on condition of anonymity the project will come in at about $240 million or $200 per sf.
That figure would be near the $250 million construction cost ($192 per sf) Taubman and Michigan-based Forbes Co. are jointly investing in their 1.3-million-sf Mall at Millennia in south Orlando, scheduled to open in October.
When completed, Taubman will own the Charlotte property 100%. Faison will direct the project through the zoning and approval processes, working on the roads and infrastructure buildout and developing adjacent retail pad sites for re-sale.
The mall will have five department stores and up to 150 shops. The developers have tenant commitments from Dillard's, Hecht's and Belk. Projected rents weren't disclosed.
"Charlotte is one of the most attractive markets in the nation," Taubman Centers chairman/president/CEO Robert S. Taubman says in the statement.
Citing the last U.S. Census, Taubman says the north half of metro Charlotte is "one of the fastest-growing" (areas) in the United States." The primary trade area for NorthLake will have a population of 682,000 from Charlotte, Huntersville, Davidson, Cornelius, Lake Norman, Mt. Holly, Belmont, Concord and Harrisburg.
"We wanted to make sure the developer we brought into the project would give as much attention to detail and quality that our people put into the planning," Faison Associates chairman/founder Henry Faison says in the same statement.
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