TAUBMAN ANNOUNCES RENOVATION PLANS FOR STAMFORD TOWN CENTER
Released: 05/03/05
BLOOMFIELD HILLS, Mich., May 3, 2005 - Taubman Centers, Inc. (NYSE:TCO) today announced renovation plans for its 855,000-square-foot Stamford Town Center in Stamford, Conn. The plans include transforming the 160,000-square-foot area once occupied by Filene's into new retail options, better interfacing with pedestrian traffic along Tresser Boulevard and Greyrock Place.
"We are thrilled with the welcoming new entrance to the center," said Steve Kieras, senior vice president, development, for Taubman. "It will invigorate and revitalize the shopping center and cater to the growing downtown Stamford office and residential population. Our proposal was well received during a recent review by the city, and we're getting ready to move ahead."
"Stamford Town Center was originally designed in the '80s to be attached to a planned skywalk system," said Michael McAndrews, general manager of Stamford Town Center. "Therefore its traffic orientation was on the second level. This is a marvelous opportunity to open up the center and to add to the energy downtown."
Construction is expected to begin in early 2006, with a 2007 anticipated completion. The former Filene's building will be demolished to make way for a mix of retail uses. Plans for the new retail mix are still under discussion. "Retailer reactions have been extremely favorable," said Kieras. "We look forward to continuing our discussions at the ICSC (International Council of Shopping Centers) convention in Las Vegas in May and anticipate additional announcements in the coming months."
Stamford Town Center, with Saks Fifth Avenue, Macy's and 130 fine stores, is located at Exit 8 off I-95, at the intersection of Tresser and Greyrock. Shopping hours are 10 a.m. to 9 p.m. Monday through Friday, 10 a.m. to 8 p.m. Saturday, noon to 6 p.m. Sunday. Preview the stores, the styles, the sales at www.shopstamfordtowncenter.com.
Taubman Centers, a real estate investment trust, owns and/or manages 22 regional and super regional shopping centers in 10 states. In addition, two centers are under construction. Northlake Mall (Charlotte, N.C.) is scheduled to open September 15, 2005 and The Pier at Caesars (Atlantic City, N.J.) is scheduled to open in early 2006. The company is headquartered in Bloomfield Hills, Mich. Additional information about Taubman Centers can be obtained from the company's website at www.taubman.com.
This press release contains forward-looking statements within the meaning of the Securities Act of 1933 as amended. These statements reflect management's current views with respect to future events and financial performance. Actual results may differ materially from those expected because of various risks and uncertainties, including, but not limited to changes in general economic and real estate conditions, changes in the interest rate environment and availability of financing, and adverse changes in the retail industry. Other risks and uncertainties are discussed in the company's filings with the Securities and Exchange Commission including its most recent Annual Report on Form 10-K.
Taubman Centers, Inc.
200 East Long Lake Road
Bloomfield Hills, MI 48304
(248) 258-6800
CONTACT:Barbara Baker
VP, Investor Relations
(248)-258-7367
Karen Mac Donald
Director, Communications
Taubman Centers, Inc.
(248)-258-7469
Jim Zielinski
Marketing Sponsorship Director
Stamford Town Center
203-356-9700