First anniversary of Mall at University Town Center is a time to celebrate success -- and a bright future
The Mall at University Town Center has proven to be a major asset to Manatee and Sarasota counties during its first year of operations. Plus, this burgeoning economic engine holds even greater promise with fresh development projects in the offing.
UTC, one of only two enclosed malls to debut in the country in 2014, earned international attention for its quality design. This month, UTC earned recognition as the "Best Retail Development, Florida" by the UK-based International Property Awards and is now a contender for IPA's Americas and World honors.
Stuart Shield, IPA president, described the nominees thusly: "These impressive projects are not only attractive to the eye, they are highly functional, eco-friendly and feature state-of-the-art technology."
That is mostly certainly the Mall at UTC.
Benderson Development Co. built the mall on one of its many properties in the area, and partnered with Taubman Co., a huge Michigan-based retail expert, in opening the Mall at UTC. While the anniversary celebration toasted solid success, this year's holiday season holds higher hopes.
The mall's statistics tell a tale of success. The 880,000-square-foot mall covers 73 acres and houses large anchor department stores as well as more than 100 speciality stores and restaurants -- with the cavernous space 98 percent leased. UTC created some 1,000 construction jobs and 2,000 permanent positions.
Those construction workers should remain busy with the aggressive growth planned by Benderson Development Co. for the land surrounding the company's mall. Projects north, west and south of UTC are under way with one, the Square at University Town Center, completely leased out while still under construction. The other two already enjoy leasing as well, further validating the commercial lure.
With one hotel, a Homewood Suites south of UTC, expected to open in the fall of 2016 and three more hotels on the drawing boards for sites east of the mall, "University Town Center," as the entire area surrounding the mall is now known, will soon be able to host visitors from around the world.
Athletes, coaches and fans of rowing competitions will be rooming closer to Nathan Benderson Park, an evolving and already popular destination. The 600-acre park and 400-acre lake will soon move up the ranks as a world-class rowing center as construction continues on a five-story, $5 million finish tower, welcome center and spectator home, the center's first vertical structure. A boat house is next. The park is set to host the world rowing championships in 2017 and the NCAA national competition in 2018, building on an already strong reputation in the rowing community.
Benderson Development certainly went big with its vision.
That includes creating a walkable district so people can enjoy various attractions while their vehicle remains parked, a highly desirable attribute. An entertainment center anchored by a new "upscale" movie theater holds another key to expanding UTC's appeal. Future plans also call for offices and homes, which should be an easy sell amid this flashy development.
The University Park corridor already holds a host of retailers that draw crowds of customers to Benderson properties. The company plans a trolley operation to move people more easily around the area, easing congestion.
Traffic has always been a public concern, and state and local officials are addressing the issue on several fronts. The timing on traffic signals will be adjusted by an Advanced Traffic Management System to help move vehicles through the area more efficiently. Two roundabouts on Cooper Creek Boulevard have been proposed.
But the behemoth project is the ongoing construction of a diverging-diamond intersection at Interstate 75 and University Parkway, viewed as the key piece of the traffic puzzle since the design will reduce delays and increase safety. Work is expected to be completed in time for the 2017 world rowing championships. I-75 will also be expanded to eight lanes there.
A bridge over I-75 south of the mall will provide another entry point to UTC. University Parkway will be widened between Market Street in Lakewood Ranch and North Cattlemen Road. And Schroeder-Manatee Ranch is working to extend Lakewood Ranch Boulevard to Fruitville Road.
Combined, all these projects will contribute to better traffic flow, though they will be years in the making.
University Town Center's big picture looks bright for all the various opportunities, from job growth to tourism revenue. The region's character and celebrity is changing for the better, and the reverberations from UTC look promising as well.
This story was originally published October 18, 2015 at 12:00 AM with the headline "First anniversary of Mall at University Town Center is a time to celebrate success -- and a bright future ."