Taubman executives say they expect work to start on the center in the fall of 2006 and complete construction the following year. Part of the work at Twelve Oaks also includes the 60,000-sf expansion and renovation of its three-level Marshall Field's unit, which will get new flooring, lighting fixtures and ceilings.
Twelve Oaks opened in 1977. Besides Marshall Field's, the mall's other anchors are J.C. Penney, Lord & Taylor and Sears.
Nordstrom is also replacing a former, 120,000-sf Lord & Taylor unit in Taubman's one-million-sf Cherry Creek Mall, in Denver. That store is scheduled to open in the fall of 2006. Last month the retailer opened a 135,000-sf store at Simon Property Group's Phipps Plaza mall, in Atlanta. Seattle-based Nordstrom is coming off of a strong Q4, when year-over-year same-store sales jumped 7.2% and earnings shot up 34%.
Bloomfield Hills, MI-based Taubman currently has five Nordstrom stores in its portfolio of 22 shopping centers. The company has two centers under construction, Northlake Mall, in Charlotte, NC, which is scheduled to open Sept. 15 and The Pier at Caesars, set to open next year in Atlantic City, NJ. The landlord is also exploring development opportunities in South Korea.
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