Taubman Centers Plans Foray into Puerto Rico

MICHIGAN—Taubman Centers Inc., a Bloomfield Hills-based real estate investment trust, will begin construction this summer on an approximately 640,000-sq.-ft. shopping center in San Juan, Puerto Rico.

Formerly known as Plaza Internacional, The Mall of San Juan will be a two-level, enclosed mall featuring a 138,000-sq.-ft. Nordstrom and a 100,000-sq.-ft. Saks Fifth Avenue. It will be the first upscale mall on the island and the first and only location in Puerto Rico for both Nordstrom and Saks.

Plans also include a Crowne Plaza hotel and casino, developed by the current landowner, New Century Development Inc.

The $405-million shopping center will include more than 100 specialty stores and restaurants, approximately 60 percent of which are anticipated to be new to the island.

The Mall of San Juan will include easy parking and access to department stores and dining and entertainment. Located in the municipality of San Juan, adjacent to the San Jose Lagoon at the south end of the Teodoro Moscoso Bridge, the development is two miles from the international airport. The anticipated opening of the center is late 2014.

New Century Development Inc. is a real estate development firm headquartered in Puerto Rico focused on the development of the 27-acre parcel of land that will host The Mall of San Juan. In addition, New Century is planning to build the hotel and casino portion of the project, and an office tower complex on the site.

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