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.