The Mall of San Juan owner has recovered $1.1M in insurance payments
Taubman Centers Inc., owner of The Mall of San Juan, confirmed Thursday it has collected a little more than $1.1 million in insurance recoveries related to damages sustained at the shopping center related to Hurricane María last September.
Those recoveries were recorded during the fourth quarter of 2017, according to the financial results released Thursday, which cover the three-month period as well as the full year ended Dec. 31, 2017.
In the report, the retailer confirmed that the shopping center was closed for approximately a month after the storm battered Puerto Rico. Several of the mall’s larger stores, including anchors Nordstrom and Saks Fifth Avenue remain closed after experiencing significant damages at their retail spaces.
Nordstrom Spokeswoman Emily Sterken confirmed to this media outlet last month that the store “experienced extensive damage from the storm, and it’s going to take a significant amount of time before we’re able to reopen.”
As a result, Nordstrom eliminated most of the 200 jobs it had on its payroll “until we’re able to reopen,” she said.
Taubman is currently in litigation with Saks Fifth Avenue over repairs and a reopening date.
According to the quarterly result, The Mall of San Juan has been excluded from Taubman’s “comparable center” statistics as a result of Hurricane María and the expectation is that the center’s performance will be impacted for the foreseeable future.
Among the milestones that Taubman Chairman Robert S. Taubman mentioned in the report, he confirmed that the company repaid the $302 million construction loan on The Mall of San Juan on March 16, 2017.