Faison, Taubman Plan 1.2M-SF Charlotte Shopping Center

ATLANTA-In one of the few regional mall developments planned in the United States for 2002, Charlotte-based Faison Associates and Bloomfield Hills, MI-based Taubman Centers Inc. are targeting a fall 2005 opening for their 1.2-million-sf NorthLake Regional Mall at Interstate 77 and the new Interstate 485 connector.

The joint developers didn’t disclose the estimated hard construction cost of the project. But area construction industry estimators tell GlobeSt.com on condition of anonymity the project will come in at about $240 million or $200 per sf.

That figure would be near the $250 million construction cost ($192 per sf) Taubman and Michigan-based Forbes Co. are jointly investing in their 1.3-million-sf Mall at Millennia in south Orlando, scheduled to open in October.