NorthLake Mall in the works

Faison Associates and Taubman Centers Inc. announced plans to develop a 1 million-sqaure foot regional mall in north Charlotte. The NorthLake mall, located at the intersection of I-77 and the new I-485 connector, is scheduled to deliver in the fall of 2005. Upon completion, Taubman will have a 100% interest in the mall. Early commitments for the 2-story facility include anchor tenants including Dillard's, Hecht's, and Belk. Taubman's design will allow five department stores and up to 150 shops. One of the primary factors in this development is the growth in North Charlotte. The area added 90,000 new residents during the 90's and is projected to add 100,000 more during the current decade. The primary trade area for NorthLake will include 682,000 people, drawing residents from Charlotte, Huntersville, Davidson, Cornelius, Lake Norman, Mt. Holly, Belmont, Concord, and Harrisburg. Taubman Centers, a REIT, currently owns and/or manages 30 regional and super regional shopping centers in 13 states. Faison, one of the largest private domestic real estate firms began in Charlotte 35 years ago.