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SAN JUAN-Bloomfield Hills, MI-based Taubman Centers formally announced today that it will start construction on the $405 million Mall of San Juan. The REIT is developing the 640,000-square-foot center here in conjunction with locally based New Century Development Inc., which will also build a hotel and casino, and office at the 27-acre site.
The mall was formerly known as a development planned in 2006 called Plaza Internacional, which had been designed by Bonnin Orozco Arquitectos on the site of the Panamerican Village. The site has been deteriorating for years, according to the architect.
The mall has two announced anchors; Nordstrom will operate from a 138,000-square-foot store and Saks Fifth Avenue will operate from a 100,000-square-foot store. The property will have more than 100 specialty stores and restaurants, with the island’s only high-fashion department stores, according to a Taubman statement.
New Century is building a 264-room Crowne Plaza hotel and casino on the site. The property is adjacent to the Teodoro Moscoso Bridge.
William Taubman, COO of his family’s trust, said he’s proud to bring luxury shopping experience to Puerto Rico. “"We believe that, in keeping with its name, the mall will become the place to shop and dine on the island for residents and visitors alike, keeping local shopping dollars on the island, and capturing additional tourism dollars for the commonwealth."
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