Forbes/Taubman JV Closes $19-Mil Deal, Then Sells Off Parcels to Bloomingdales, Macy's and Neiman Marcus

ORLANDO-It was a win-win-win situation for all the parties, but especially for Forbes Taubman Orlando LLC Millenia, the developer of the planned 1.3 million-sf Mall of Millenia at the 400-acre, five million-sf Millenia mixed-use development in southwest Orlando.

Orange County real estate transaction records show the three big-name anchors at the proposed mall–Bloomingdale’s, Macy’s and Neiman Marcus–bought individual tracts for future stores from Millenia’s master developer, Orlando Southwest Partners. Bloomingdale’s and Macy’s did $3 million deals; Neiman Marcus, $2 million.

In reality, however, Forbes Taubman bought an 83-acre tract from Orlando Southwest Partners for about $19 million or $228,915 per acre ($5.26 per sf). Forbes Taubman then deeded store-sized parcels to each of the retailers. They are estimated by GlobeSt.com land broker sources at 13 acres each to Bloomingdale’s and Macy’s, and 8.75 acres to Neiman Marcus.

Forbes Taubman sold the dirt to the anchors for a little more than the original cost, land brokers following the deal tell GlobeSt.com. Macy’s and Bloomingdale’s plan to open in 2002; Neiman Marcus in 2003. The site is at Interstate 4 and Conroy Road at a new interchange.

Orlando Southwest Partners is a joint venture partnership between Schrimsher & Rife Properties and Jones Lang LaSalle. The development of regional impact approvals permit five million sf of commercial, office and hotel development at Millenia.