The move follows years of litigation during which time Taubman has tried to obtain a building permit to construct the center. Lord & Taylor and Neiman Marcus are among the anchors committed to the upscale mall, Taubman officials have said.

Taubman executives say they are hopeful that their newest efforts will come to fruition. "We would hope to work closely with the purpose of finding a compromise that reflects the needs of both sides," Barbara Baker, Taubman's vice president of investor relations, tells GSR.

But a Banc of America Securities report was not as upbeat. "We now believe there's a greater chance that the mall may not get built," the report says. It also speculates that Taubman could take a write off on a portion of the $87 million the company has spent on pre-construction costs.