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Taubman Asia history
Taubman Asia company history timeline
Part of the empire founded in 1950 by A. Alfred Taubman, the business has maintained a reputation for innovation and quality.
The Taubman Company was formed in 1950 by A. Alfred Taubman, who woul d be credited with pioneering the regional mall concept.
1950: Alfred Taubman launches a shopping center empire.
North Flint Plaza, built in 1953, was a significant increase in scale, with 26 stores anchored by Federated's Department Store.
Ther e, it completed its first enclosed regional mall, Southland, in 1964.
Concord, C alifornia's Sunvalley was billed as "the world's largest air conditio ned shopping center" when it opened in 1967.
At 2.3 million square feet, Woodfield of Schaumburg, Illinois, was the largest enclosed mall built up to 1971 and remained one of the five largest in the United States through the end of the century.
Such developments unfolded even as Alfred Taubman was caught up in a price-fixing scandal at the British auction house Sotheby's Holdings Inc., which he had acquired with an investment group in 1983.
Taubman's growth was financed with $625 million borrowed from Gen eral Motors pension trusts in 1985.
1985: Taubman Realty Group Limited Partnership is formed as Ta ubman gets financing from GM pensions.
In 1997, however, the company began a plan to open one mall per year for the next six years.
Brauer, Molly, "Two REITs Team Up to Build Seven Value Malls," Knight Ridder/Tribune Business News, May 19, 1998.
Taubman ventured into a new type of development in 1998 through a joi nt venture with The Mills Corporation.
Unprecedented Growth After 2000
Gearty, Robert, "Convicted Sotheby's Former Chief Steps Down from Helm of Shopping-Mall Empire," Daily News (New York), December 12, 2001.
He resi gned as Taubman Centers chairman in December 2001, but retained about 30 percent of shares, and later served ten months in jail.
Four malls were opened in 2001, a record, totaling about 5.5 million square feet of retail space.
"Goldman's Dangerous REIT Game: Firm Now Defending Unpopular Strategy It Helped Devise," Investment Dealers' Digest, February 24, 2003.
2003: TCO defeats a hostile takeover from Simon Property Group Inc.
In January 2005, the company announced that it was setting up a retail center connected to an Atlantic City casino, Caesars.
In January 2005, the company announced that it was setting up a reta il center connected to an Atlantic City casino, Caesars.
TCO also was studying the $20 billion New Songdo City project in South Korea, a planned commercial district with ten million square feet of retail space that was expected to open by 2009.
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