Taubman Unveils Plans for a $500 Million Re-Imagination of the Iconic Beverly Center
Every aspect of the center to be transformed by holiday 2018
LOS ANGELES–(BUSINESS WIRE)–Taubman Centers, Inc. (NYSE: TCO) is embarking on a $500 million
re-imagination of Beverly
Center this month that will transform every aspect of the iconic
fashion destination. The details were revealed this evening at an event
featuring Los Angeles Mayor Eric Garcetti, Taubman Chairman, CEO and
President Robert Taubman, Chief Operating Officer William Taubman and
other special guests.
Critical focus areas for the project include creating a bright,
contemporary and highly accessible exterior and interior that engages
the center with the surrounding neighborhood, producing an effortless
arrival, parking and departure experience, and offering a perfectly
curated retail lineup and superior destination dining. Beverly Center
and its tenants will be open during construction which is scheduled to
be completed by the 2018 holiday season.
“In re-envisioning Beverly Center, we are looking to create LA’s
signature urban shopping and dining experience, as well as an exciting,
pedestrian-friendly anchor to one of the most creative and diverse
neighborhoods in the world,” said Robert Taubman. “The center is a key
asset in our portfolio, and after renovation we believe it will become
one of the top ten retail centers in the nation.”
“The Beverly Center holds a special place in LA’s imagination — it’s
where an entire generation of Angelenos went on first dates, bought prom
dresses and met up with friends on weekends,” said Los Angeles Mayor
Eric Garcetti. “Reimagining it for the 21st century is a tremendous
investment in making those timeless experiences possible for the next
generation of Angelenos. These plans capture the spirit of ambition and
innovation that is driving our city’s economic resurgence.”
Los Angeles Councilmember Paul Koretz, Council District 5, added, “I am
pleased to be working with the Taubmans to bring to our community a
beautifully renovated and updated shopping experience at the iconic
Beverly Center. Together, we are bringing a significant investment, good
jobs, renewed economic activity and a neighborhood-sensitive project to
Council District 5.”
Modern, Fresh Design
The design architect for the renovation of the 886,000 sq. ft. center is
Studio Fuksas of Rome, Italy. Visionaries Massimiliano and Doriana
Fuksas, known for their distinctive designs, are responsible for
numerous high-profile projects around the world, including Shenzhen
Bao’an International Airport (Guangdong, China), Ferrari Operational
Headquarters and Research Center (Maranello, Italy), CBD Cultural Center
(Beijing, China), New National Archives of France
(Pierrefitte-sur-Seine, France) and many other exceptional venues.
Taubman selected Studio Fuksas to transform Beverly Center into a great
urban space that meets the aspirations of Angelenos and suits the world
class city it calls home. Massimiliano Fuksas had this to say about
architecture: “Contrary to common belief, music should be observed in
order to appreciate its true essence, while architecture should be felt.”
Upon completion, Beverly Center’s shoppers and diners will feel its new
personality through significant changes that include:
-
Adding a continuous ribbon of new skylights that will bathe the
entire center’s elegant and contoured floor openings and curves in
natural light. -
A shimmering new exterior that incorporates a perforated steel
façade and will beautifully capture light during all parts of the day. -
A fresh new streetscape that combines modern architecture and
drought-resistant greenery for a pleasant walking experience. -
A row of street-level restaurants that open the center to the
vibrancy of West Third Street and embrace a pedestrian-oriented
environment. -
An additional valet off West Third Street to provide quick
access to the street-level restaurants and retail. -
A state-of-the-art smart parking system to dramatically improve
the center’s arrival and departure experience. -
An eighth level multi-concept gourmet food hall – THE STREET –
by Chef Michael Mina. -
Spectacular panoramic views of the Hollywood Hills and downtown
Los Angeles from THE STREET, as well as from the center’s sixth floor. -
The continual evolution of the merchandise mix combining
luxury, contemporary and fast fashion retailers for an unparalleled
shopping experience. -
A flexible Center Court featuring an impressive 20’ w x 35’ h
LED screen, plenty of places to sit, relax and plug in, and the
ability to host events, exhibitions and installations.
Superior Retail & Dining
Beverly Center for decades has been an iconic fashion destination
regularly shopped by locals, international visitors and those who
influence celebrity style and popular culture through their work in the
entertainment industry. With this renovation, Beverly Center will remain
well positioned to lead the city to its fashion future while connecting
with these important core customers.
The center will continue to be anchored by Bloomingdale’s and Macy’s,
and will have more than 100 of the world’s most coveted brands,
including Apple, Burberry, COS, Dolce & Gabbana, Fendi, Foot Locker,
Gucci, H&M, Henri Bendel, Jimmy Choo, Louis Vuitton, Maje, Montblanc,
OMEGA, Prada, Saint Laurent, Salvatore Ferragamo, Sandro, Tiffany & Co.,
Traffic, Uniqlo, Versace, XXI Forever and Z Zegna. Additions to the
retail lineup will be announced over the course of the project.
In addition to great retail, an estimated ten dining destinations will
be developed, including two by Michelin starred, James Beard
Award-winning Chef Michael Mina. His first is a multi-concept gourmet
food hall called THE STREET. Located on the center’s eighth floor dining
terrace, THE STREET will serve an impressive array of cuisines from
hawker stations reminiscent of great bazaars from around the world. The
hallmark of the experience will be offerings from both Chef Mina and
approximately 15-18 concepts for an ever-changing culinary experience.
“THE STREET will feature incredibly diverse cuisine inspired by the
local community and the idea of bringing people together through the
universal language of great food,” said Chef Mina. “The fare will be
healthy, the atmosphere casual and the overall experience will be like
no other in LA.”
Part of the uniqueness of THE STREET will be its sweeping views of
downtown Los Angeles and the Hollywood Hills that will provide a
distinctly LA experience.
The center’s other new chef-driven and fast-casual restaurants, as well
as Mina’s second concept, will be announced in the coming months.
A Reflection of its City
Along with shopping and dining, Beverly Center aims to provide a special
place for individuals to gather to create, become inspired or simply
connect with others. This will be done through special events and
programs.
“Our goal is for Beverly Center to draw the community together through
retail, dining, art, entertainment and the other passions that connect
people to Los Angeles in a meaningful way,” said William Taubman. “The
center will respect creativity and will mirror the interests of its
shoppers.”
Investor Information
Further information, including an investor presentation, is available
online at www.taubman.com
under “Investors.” Such materials include the project’s expected
stabilized return and 10-year internal rate of return.
ABOUT MINA GROUP
Mina Group is a San Francisco-based restaurant management company
specializing in creating and operating upscale, innovative restaurant
concepts. Mina Group is led by Chef/Founder Michael Mina whose accolades
include James Beard Foundation “Who’s Who of Food and Beverage” inductee
in 2013, Bon Appétit Chef of the Year, Food Arts Silver
Spoon Award Winner, San Francisco Magazine Chef of the Year, and
International Food and Beverage Forum’s Restaurateur of the Year.
Operating since 2003, Mina Group currently manages 27 concepts including
MICHAEL MINA in San Francisco (Esquire Magazine’s Restaurant of
the Year 2011); RN74 at Millennium Tower in San Francisco and RN74 at
the Joshua Green Building in Seattle; PABU and THE RAMEN BAR at 101
California in San Francisco; CLOCK BAR at The Westin St. Francis on
Union Square in San Francisco; BOURBON STEAK, BOURBON PUB and Michael
Mina’s Tailgate at Levi’s Stadium in Santa Clara; STRIPSTEAK at Mandalay
Bay in Las Vegas; MICHAEL MINA Bellagio at Bellagio in Las Vegas; BARDOT
BRASSERIE at Aria Resort & Casino in Las Vegas; MICHAEL MINA 74 and
STRIPSTEAK at Fontainebleau Miami Beach; Locale Market and FarmTable
Kitchen at Sundial St. Petersburg in Florida; and THE HANDLE BAR in
Jackson Hole. For a complete list of restaurants please visit http://michaelmina.net.
Follow Michael Mina on Facebook at Michael
Mina, twitter @ChefMichaelMina
and Instagram at ChefMichaelMina.
ABOUT TAUBMAN
Taubman Centers is an S&P MidCap 400 Real Estate Investment Trust
engaged in the ownership, management and/or leasing of 24 regional,
super-regional and outlet shopping centers in the U.S. and Asia.
Taubman’s U.S.-owned properties are the most productive in the publicly
held U.S. regional mall industry. Taubman is currently developing four
properties in the U.S. and Asia totaling 4.1 million square feet.
Founded in 1950, Taubman is headquartered in Bloomfield Hills, Mich.
Taubman Asia, founded in 2005, is headquartered in Hong Kong. www.taubman.com.
For ease of use, references in this press release to “Taubman
Centers,” “company,” “Taubman” or an operating platform mean Taubman
Centers, Inc. and/or one or more of a number of separate, affiliated
entities. Business is actually conducted by an affiliated entity rather
than Taubman Centers, Inc. itself or the named operating platform.
This press release may contain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. These
statements reflect management’s current views with respect to future
events and financial performance. The forward-looking statements
included in this release are made as of the date hereof. Except as
required by law, we assume no obligation to update these forward-looking
statements, even if new information becomes available in the future.
Actual results may differ materially from those expected because of
various risks and uncertainties. You should review the company’s
filings with the Securities and Exchange Commission, including “Risk
Factors” in its most recent Annual Report on Form 10-K and subsequent
quarterly reports, for a discussion of such risks and uncertainties.
Contacts
Media:
Maria Mainville, Taubman, Director, Strategic
Communications, 248-258-7469, mmainville@taubman.com
Jenn
Dees, PMK*BNC, 310-854-3212, Jenn.Deese@pmkbnc.com
or
Investors:
Ryan
Hurren, Taubman, Director, Investor Relations, 248-258-7232, rhurren@taubman.com
