Meanwhile, the company continues to pursue domestic growth, with potential projects in Port St. Lucie, FL, and north Atlanta added to the pipeline.
The company's Asia division was launched in 2005 with head Morgan Parker "and a Blackberry," said Robert Taubman, chairman, president and CEO. Now, the 15-person office is working on joint venture projects Macao Studio City in Macao, China, and the 1.2-million-sf retail and entertainment complex in New Songdo City, Incheon, South Korea. The office could eventually reach the 25-person mark as the developments evolve to an operational platform, Taubman said.
"Both properties are part of extraordinary developments by highly respected international organizations," Taubman said. "The potential for Taubman Asia is to exceed the annual growth contribution made by our domestic developments."
The foreign development joins an already healthy domestic pipeline, Taubman said.
"We have a number of growth opportunities available," including the expansion of Waterside Shops in Naples, FL., and the opening of The Mall at Partridge Creek in Clinton Township, MI, in October.
Farther down the pipeline, the company is "making significant progress" on City Creek Center, an urban mixed-use development in Salt Lake City that is a joint venture with the real estate arm of the Church of Jesus Christ of Latter-Day Saints.
The company also continues to pursue development of the Mall at Oyster Bay in Long Island, NY. In fact, the company has been forced to slow the pace of leasing as the project goes through the approval process, he said.
"We continue to be positive," Taubman said. "Eventually, this thing is getting built."
Taubman also is exploring an upscale project along the Georgia 400 corridor in Atlanta and a "large mixed-use development with a large retail component" in Port St. Lucie, FL. "We're working on 20 developments at any given time," Taubman said. "It's a funnel, and you winnow down the projects to one or two a year."
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