San Juan -- Taubman Centers and New Century Development announced Friday the groundbreaking on the 650,000-sq.-ft. Mall of San Juan, the island's first luxury retail development. The $405 million, two-level mall will feature the first Saks Fifth Avenue and Nordstrom in the Caribbean.
Of the approximately 100 stores and restaurants, it is expected that 60% will be new to the island.
New Century Development will also be constructing a 225-room hotel and casino adjoined to the mall. The entire project is expected to open in late 2014. Taubman will develop, lease and manage the shopping center.