almost Funding Companies Purchase Southland Mall, Plan To Modernize It, Construct Excessive High quality Housing – CBS Miami will cowl the newest and most present help concerning the world. gate slowly consequently you perceive capably and appropriately. will deposit your data skillfully and reliably
MIAMI (CBSMiami) – Southland Mall in Cutler Bay has been acquired by two actual property funding companies which have huge plans for the property.
Electra America, an actual property non-public fairness agency, and BH Group, a Miami-based non-public actual property funding agency, paid simply over 100 million {dollars} for the roughly 809,000 sq. foot mall which is on about 80 acres of land.
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The companions are planning a significant mixed-use redevelopment of the location.
Calling it one of many largest redevelopment alternatives in Miami-Dade, they plan to modernize and reposition the mall whereas creating new high-quality housing.
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“It’s almost not possible to discover a property of this high quality and dimension all through South Florida. We’re excited to be partnering with BH Group to revitalize this key Miami asset, and we respect the chance to work with the City of Cutler Bay within the redevelopment of the location to create new high-quality housing and employment alternatives for its residents,” stated Joe Lubeck, Managing Companion of Electra America, in a press release.
Southland Mall, presently the one enclosed mall that serves southern Miami-Dade and the Florida Keys, has a mixture of greater than 100 tenants together with Macy’s, JCPenney, TJ Max, L.A. Health, Regal Cinemas, Kay Jewelers, and Applebee’s.
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Miami’s retail market has rebounded strongly over the previous 12 months and presently has a emptiness fee of just below 4 p.c.
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