Taubman Centers and The Forbes Company wrote off about $24 million after cancelling plans to build an enclosed mall at Miami Worldcenter last month.
Publicly-traded Taubman booked an impairment charge of $11.8 million for Worldcenter in an earnings report released last week. In a conference call, Taubman’s CFO said that the loss “was $24 million roughly” between Taubman and partner Forbes.
Most of the costs were for architecture, engineering, and legal expenses, according to the CFO.
Company president Robert Taubman said that he is excited about the high street retail plan at Worldcenter, which they have a preliminary agreement on. The company would have an option to purchase 100% of “what is effectively a condominium of the street retail at a favorable price,” and wouldn’t have to decide on the investment until construction is complete.