Monday, September 10, 2012

Taubman moves up grand opening of Chesterfield outlet center

 St. Louis Business Journal by Matthew Hibbard, Reporter

Taubman Prestige Outlets Chesterfield, a partnership between Michigan-based Taubman Centers and OutletPartners LLC, said it has moved up the grand opening of its Chesterfield shopping center to Aug. 2, 2013.

The company decided to move up its opening date to be ready in time for Missouri’s back-to-school sales tax holiday, which runs from Aug. 2 to 4. The outlet was slated to open in October 2013.
Taubman Centers closed July 25 on a $15.2 million deal to buy the property for its Taubman Prestige Outlets Chesterfield from the Monarch-Chesterfield Levee District. During that same time, Taubman officials also announced a number of tenants, including fashion retailers such as Banana Republic Factory Store and Gap Outlet, for its proposed a $150 million, 450,000-square-foot outlet mall project in Chesterfield.

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 million to $200 million with expected tax revenues in excess of $14 million.

Taubman has a track record of developing high-end retail centers, as does its partner, OutletPartners LLC, a real estate development firm in Warren, N.J. The company’s portfolio includes 26 malls. Taubman Center Inc. reported net income of $31.4 million in the second quarter ended June 30 on revenue of $179.5 million.

The competing developer in the battle for a new Chesterfield outlet mall, Simon Property Group Inc., which is developing St. Louis Premium Outlets in partnership with EWB Development and Texas-based Woodmont Co., plans to open its St. Louis Premium Outlets in September 2013.

St. Louis Premium Outlets is a proposed 350,000-square-foot, open-air outlet mall that would be located on the south side of Highway 40/64. The mall would anchor the 131-acre Chesterfield Blue Valley mixed-use development on Old Olive Street Road.

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