University Town Center

By Toni Whitt - Herald Tribune


Published: Tuesday, November 4, 2008 at 1:00 a.m.
Last Modified: Tuesday, November 4, 2008 at 12:30 a.m.

Just when everyone is desperate to see the economy rev up, a group of developers got approvals needed to start construction on an upscale mall that will generate jobs in the building industry -- keeping architects, designers and construction workers busy for the next two years.

Benderson Development Co. has received clearance to pull permits for its University Town Center project in north Sarasota County after the state overruled objections raised by the Westfield Group, the Australian-based owner of the Southgate and Sarasota Square malls.

Even in this economy, the University Town Center developers insist that the paucity of luxury retail in Southwest Florida makes their project viable. They note that local residents and visitors have to travel to Tampa or Orlando for Nordstrom, Neiman Marcus, Crate & Barrel, Tiffany & Co., Apple and dozens of other popular retailers.

The new shopping center "will fill a huge void in the Sarasota marketplace, which has no critical mass of luxury retail," said Robert Taubman, Taubman's chief executive, in a conference call with investors last month.

Forbes predicted that 70 percent of the retailers coming to the mall will be new to the market -- stores not found anywhere from Bradenton to Port Charlotte. Finding unique retailers and restaurants has been a formula for success with Forbes' malls in Palm Beach, Naples, Orlando and Miami.

"We will add another level of depth and choice and sophistication and really complement what's been done in Sarasota," he said.

An underserved market..........

Larger markets like Tampa and Orlando have higher vacancy rates than Sarasota, largely because developers have been rapidly building around areas with population concentrations while ignoring some of the underserved smaller markets such as Sarasota.

The fact that businesses are "willing to take a risk here, when not many risks are being taken," proves that the Manatee and Sarasota markets have been ignored, said Kathy Baylis, president of the Economic Development Corp. of Sarasota County.

Benderson bought the site at Interstate 75 and University Parkway because of its central point in the region and the highway access. The company has been working for several years to get government approvals to build the mall, offices, housing and hotels. In that time, Benderson has been working in stages as the company received its approvals. At the same time, Benderson's retail along University has boomed, all with an eye toward the mall as the centerpiece.

Developers expect University Town Center to offer shopping, restaurants, night life and entertainment that is unique to this region. Forbes has used a "four-legged stool" philosophy in the malls it builds:

The company aims to bring in exclusive department stores, as they did when they attracted Neiman Marcus and Nordstrom to University Town Center.

Every Forbes mall includes dining, and especially a fine-dining component.

The Sarasota mall will be modeled after Mall at Millenia in Orlando, which recently had only one vacant storefront.

Even with the sagging economy, the Florida retail market remains hot, thanks in large part to the European tourists and wealthy visitors who love the state. Visit Florida says shopping ranks among the top five things that domestic vacationers want to do here. It is the No.1 aim among international visitors.