After 15 years and more than $150m invested, Taubman Centers Inc. has been dealt a major setback on its proposed Mall at Oyster Bay on Long Island.
The New York State Court of Appeals -- the state's highest court -- recently said it won't consider the developer's case to build a high-end mall that local activists bitterly oppose.
That leaves Michigan-based Taubman with a tough decision: admit defeat and sell the land, consider a mixed-use development or try again, increasing one of the most expensive mall tabs in Taubman's nearly six-decade history.
Investors and analysts expect more details and, possibly a decision, in the company's earnings discussion expected later this month.
Wall Street Journal