One high-profile project receiving lots of attention at the conference is the Mall at Millenia, which opens in Orlando, Fla., in October. The 1.2 million-square-foot mall, built jointly by Taubman Centers and The Forbes Co., is bringing many luxury retailers to the market for the first time, underscoring the region’s growing population and affluence.
"It’s really going to redefine upscale apparel in this market," David W. Marks, president of Maitland, Fla.-based Marketplace Advisors, told attendees.
Meanwhile, the Florida panhandle is also getting more luxury retail. Aventura, Fla.-based Turnberry Associates plans to break ground this fall on Destin (Fla.) Commons, a 400,000-square-foot, upscale open-air town center located in Destin, a city on the Gulf of Mexico halfway between Panama City, Fla., and Pensacola.
In another sign of the demand for retail in the state, the average cap rate for grocery-anchored strip centers has dropped in Florida as they have commanded higher prices, observed John M. Grossman, CCIM, a senior vice president in the Trammell Crow Co.’s Florida retail division.
Nearly 3,000 ICSC members are registered for the event, which concludes tomorrow.