The move follows years of litigation during which time Taubman has tried to obtain a building permit to construct the center. Lord & Taylor and Neiman Marcus are among the anchors committed to the upscale mall, Taubman officials have said.
Taubman executives say they are hopeful that their newest efforts will come to fruition. "We would hope to work closely with the purpose of finding a compromise that reflects the needs of both sides," Barbara Baker, Taubman's vice president of investor relations, tells GSR.
But a Banc of America Securities report was not as upbeat. "We now believe there's a greater chance that the mall may not get built," the report says. It also speculates that Taubman could take a write off on a portion of the $87 million the company has spent on pre-construction costs.
During a community meeting in March, a Taubman official predicted that work could start on the mall within months. They have planned a 2007 opening for the center.
Taubman is the operator of 23 upscale retailer properties across the country. Today it is opening the 1.1 million-sf Northlake Mall in Charlotte, NC. The firm is currently building the 320,000-sf Pier at Caesars in Atlantic City, NJ.
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