In a time when the country is oversaturated with retail sprawl, development of enclosed shopping malls has not been popular. Despite only three major enclosed malls being built in the United States since the last recession, Taubman Centers and Benderson Development have gone against the grain. The Mall at University Town Center in Sarasota, Florida appears to be a success since opening in October 2014.
The 859,000-square-foot mall has experienced success due to the rise in the stock market, smart leasing and the area’s increase in tourism. Beyond tourism, residential developments in nearby communities are targeted with a diverse tenant mix that enables the mall to capture both a high and middle-income customer. The Mall at University Town Center proves that careful aim at a market always creates an opportunity for success in commercial real estate.
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