Opening any type of business can be challenging. Developing a significant amount of commercial real estate can be even more of a task. However, a shopping mall development can be a gigantic undertaking for many developers in Michigan or elsewhere. This is what one $315 million construction project plans to initiate after it begins work in mid-October.
The new complex is planned to become a large luxury indoor shopping mall and is expected to significantly boost the local economy. Analysts estimate that the project will eventually bring more than $400 million into the local economy on a yearly basis. This is to be accomplished by igniting growth for surrounding commercial developments, while also increasing property values and adding new employment opportunities for locals.
The facility is expected to be the home for 115 stores and six sit-down eateries along 880,000 square-feet of space. Some of the larger brand name stores will include Macy's, Dillards, and Saks Fifth Avenue. Over half of the stores are expected to be businesses that have just begun to enter the marketplace. The mall is planned to be located along a freeway, which could provide for easy access for local residents.
Any commercial real estate project, including shopping mall development projects in Michigan, typically needs to be legally sound, which means all of the proper paperwork must be filled out for necessary permits. It also means that the structure must meet all legal standards for safety and other requirements. Without this type of planning, the managers and owners of the commercial projects may be liable for fines imposed by building inspectors or future lawsuits in the event of accidents due to improper workmanship.
Source: Bradenton Herald, " University Town Center mall expected to bring economic boon to region ," Josh Salman, Oct. 14, 2012