More Shopping in Charlotte, N.C.

Faison Associates and Taubman Centers Inc. are teaming to develop a new regional mall on Charlotte, N.C.'s fast-growing north side.

NorthLake mall will be a 1 million-plus square-foot, two-level enclosed mall with up to five department stores and as many as 150 shops, many new to the market. Current department store commitments include Dillard's, Hecht's and Belk. NorthLake is scheduled to open in 2005.

“Charlotte is one of the most attractive markets in the nation,” said Robert S. Taubman,Taubman Centers'chairman, president and ceo, “and NorthLake will be the retail destination of choice for the region's growing northern communities.”

Faison, one of the largest private real estate firms in the U.S., began in Charlotte over 35 years ago. It has 1.8 million square feet of community, lifestyle and neighborhood shopping centers under development, and manages and leases 12 regional malls.

Taubman Centers, a real estate investment trust, owns and/or manages 30 urban and suburban regional and super regional shopping centers in 13 states. Its Mall at Millenia (Orlando) will open in October, and Stony Point Fashion Park (Richmond, Va.) will open in September, 2003. Taubman is based in Bloomfield Hills, Mich.