Thursday, July 26, 2012

Taubman Prestige Outlets Chesterfield Holds Groundbreaking Event

by staff
BLOOMFIELD HILLS, Mich., July 25, 2012 /PRNewswire via COMTEX/ -- Taubman Centers, Inc. TCO +0.88% held an official groundbreaking ceremony today and revealed a variety of store names that will debut at their new location at Taubman Prestige Outlets Chesterfield located just west of St. Louis, Mo. At the same time, Taubman announced that it has received final federal, state, local and city approvals to construct the shopping center. Drainage and utility work will begin immediately. Building walls will start going up in October of 2012 and the shopping center will officially open on October 24, 2013 at 10 a.m. sharp.

"The retailers we announced today are a sneak peek of the premier fashion retailers that will make Taubman Prestige Outlets Chesterfield a shopping destination for locals and visitors alike," said Taubman's chief operating officer William Taubman.

"We look forward to opening our newest Factory Store at Taubman Prestige Outlets Chesterfield," said Claudio Del Vecchio, Brooks Brothers Chairman and CEO. "St Louis area residents and visitors will experience a dynamic destination for exceptional service, quality, and value."

"Today marks the culmination of just over a year-long intensive process of sequential approvals. Last week, we secured our final Site Improvement Plan approval. This entitlement document is the Chesterfield permit authorizing mass grading and full construction of drainage channels and utilities, leading to foundations and buildings," said Taubman, who participated in the groundbreaking ceremony, "and today we are closing on the land with the Levee District. We respect and appreciate the diligence and commitment of both the Chesterfield and Levee District officials."

In celebration of Taubman's groundbreaking, Chesterfield Mayor Bruce Geiger issued an official City Proclamation recognizing the "tremendous economic impact that Taubman Prestige Outlets Chesterfield will add to our community."

Mayor Geiger also stated, "We are excited by and certainly support the development of a high-end outlet mall in Chesterfield and greatly value and commend Taubman for its plans to invest in our community. Throughout this process, Taubman has been extremely flattering in explaining its desire to build in Chesterfield, pointing to the successful development of the Valley that we have managed, over the years!"

Taubman Prestige Outlets Chesterfield will feature 450,000 square feet of retail space with over 100 stores. The 49-acre open-air shopping center will be located near the Boone's Crossing exit off Highway 40. Taubman estimates the project will generate 750 construction jobs and will employ approximately 1,200 people when the mall opens. Taubman Prestige Outlets Chesterfield is expected to generate sales of approximately $175 to $200 million with expected tax revenues in excess of $14 million.

Site preparation and groundwork were initiated in April. At the same time, Taubman began establishing its corporate presence in the greater St. Louis area -- joining the Chesterfield Chamber of Commerce, St. Louis Regional Chamber and Growth Association and the St. Louis Convention and Visitors Commission. The company also became a major sponsor of the Chesterfield Summer Concert Series.

"The communities where we build our shopping centers are the key to our success. We believe it is important to reciprocate and support the community as well," said Taubman as he presented a $10,000 check to Chesterfield Arts Executive Director Stacey Morse and Board President Debbie Franke.

Taubman Prestige Outlets Chesterfield stores announced today:
Banana Republic Factory Store
Gap Outlet
J.Crew Factory
Anne Fontaine
Brooks Brothers Factory Store
2b Bebe
American Eagle Outfitters - Off Campus
Lucky Brand Jeans
Nine West
Ed Hardy
Body Shop
Jones New York
Designer Fragrance Outlet
Easy Spirit
Famous Footwear
Hot Topic
Thomas Sabo
Bachrach Outlet
Kitchen Collection
Motherhood Maternity
Ultra Diamonds
Osh Kosh B'gosh
Mikino/Mikino Men's
Gloria Jean's Coffee
Robert Wayne
Rocky Mountain Chocolate Factory
Things Remembered
Sunglass Hut
Time Center USA

Taubman Centers is a real estate investment trust engaged in the development, leasing and management of regional and super regional shopping centers. Taubman's 27 U.S. owned, leased and/or managed properties, the most productive in the publicly held U.S. regional mall industry, serve major markets from coast to coast. Taubman Centers is headquartered in Bloomfield Hills, Michigan, and its Taubman Asia subsidiary is headquartered in Hong Kong. For more information about Taubman, visit .

For ease of use, references in this press release to "Taubman Centers," "company," "Taubman" or an operating platform mean Taubman Centers, Inc. and/or one or more of a number of separate, affiliated entities. Business is actually conducted by an affiliated entity rather than Taubman Centers, Inc. itself or the named operating platform.

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements reflect management's current views with respect to future events and financial performance. The forward-looking statements included in this release are made as of the date hereof. Except as required by law, we assume no obligation to update these forward-looking statements, even if new information becomes available in the future. Actual results may differ materially from those expected because of various risks and uncertainties, including, but not limited to the global credit environment and the continuing impacts of the recent U.S. recession, other changes in general economic and real estate conditions, changes in the interest rate environment and the availability of financing, adverse changes in the retail industry, general development risks, and integration and other acquisition risks. Other risks and uncertainties are discussed in the company's filings with the Securities and Exchange Commission including its most recent Annual Report on Form 10-K.

SOURCE Taubman Centers, Inc.

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