Taubman Centers (NYSE:
TCO) is one step closer to achieving groundbreaking at its proposed mall site in Forsyth County, GA. The County commissioners approved 10-year property tax abatements and discount sewer rates, as well as an immediate payment of $3.57 million for the extension of Ronald Reagan Boulevard.
Taubman hopes to deliver the $1 billion mixed-use lifestyle development in fall 2011; but its agreement with the County is to deliver no later than December 2015. Located on 164 acres at Georgia 400 and MacFarland Road, the project would include 650,000 square feet of retail space, as well as residential, office and hotel space. Two upscale department store anchors are expected; such as Nordstrom, Saks, or Bloomingdales.
The project would bring an estimated 7,800 new jobs and $38.2 million in annual sales and property taxes for the county.
This story appears in CoStar's Retail News Roundup: Dec. 14 to Dec. 20, 2008, a weekly column covering retail store expansions, closings, bankruptcies, acquisitions/mergers/sales, new retail developments, personnel changes, sustainability, and more.
This week in the Retail Roundup, CoStar reports on expansions or new concepts at Kohl's, Forever 21, Aldi, Safeway, and Tops Markets; new retail developments in SC, GA and TN; acquisition, merger, loan or sale activity at General Growth and Macerich; closings, cutbacks or bankruptcies at KB Toys, EZ Lube, and BTWW Retail; personnel announcements at National Retail Properties and Sperry Van Ness; and more.