Our US projects continue to move forward. With construction underway in Chesterfield and imminent in Sarasota and San Juan we have now begun to capitalize our investments in these three projects. Together they represent over $600 million of capital at our share that will create NAV.Let's talk for a moment about each project individually. In Sarasota, the zoning is complete for the mall at University Town Center. We finalized our agreements with the landowner (inaudible) Development and will each own and fund 50% of the project. We'll be responsible for development, management and leasing of the center. The $350 million two level enclosed shopping center will be anchored by Saks, Macy's and Dillard's. The site has terrific visibility and regional access as its right on interstate 75 at the interchange of university parkway. The greater Sarasota market has over 1.2 million people and nearly five million tourists a year with limited upscale shopping opportunities. We think this is a tremendously underserved market, so much so that more than half the small shop space will be new to Sarasota.
Taubman Centers CEO Discusses Q1 2012 Results - Earnings Call Transcript
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