Residents in Manatee and Sarasota counties will soon have a new place to shop.
This week, construction began at the Mall at University Town Center, which is located off of University Parkway and I-75. The 880,000-square-feet shopping center will feature Saks Fifth Avenue, Macy’s and Dillards, along with 115 other stores.
The $315 million mall was supposed to be built years ago, but was delayed because of the slow economy. The developers for the project say the timing is right to move forward.
"The economy is improving," said Mark Chait, with Benderson Development Compnay. "We really build based on what retailers want. Retailers are ready to move forward (and) the anchors are signed up and ready to go."
Located on the Manatee-Sarasota county border, it’s the first mall to be built in the area in nearly 40 years.
"There is just a huge void in specialty retail, upscale retailing in this area," Chait said. "We feel this mall the and remainder of the project is going to fill that void."
Chait said plans were in place years ago, but they fell fell through when the economy tanked. Now that things are looking up, his company and Taubin Centers, the other developer working on the project, decided to move forward.
Residents in the area say they're excited about the new mall.
"Lakewood Ranch has everything," Stephanie Heald said. "The only thing they were lacking was a mall. So, I’m thrilled to hear it’s coming in.”
In addition to the mall, there are plans for restaurants, hotels, homes and a movie theater.
The new growth is expected to create 5,000 jobs. It will also pump money back into the area, with as much as $100 million in state and local taxes expected to be collected annually.
The Mall at University Town Center is scheduled to open Oct. 16, 2014.