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Real Estate

The billion dollar future of The Southland Mall.

By
Cashflow In Miami
on
October 18, 2022
The billion dollar future of The Southland Mall.
20505 S Dixie Hwy
Cutler Bay, FL 33189


The Southland Mall in Cutler Bay was sold out of foreclosure for $100.35 million, and the buyers plan to redevelop part of it.

Lake Park-based Electra America teamed with Miami-based BH Group to purchase the 808,776-square-foot mall on about 80 acres of land from a commercial mortgage-backed securities (CMBS) trust and All Stores Realty Corp., an affiliate of Cincinnati-based Macy's (NYSE: M).

However, the former Sears store was not included in the deal. The majority of the property, located just off Florida’s Turnpike at 20505 S. Dixie Highway, was seized by the lender in early 2021 after the previous owner defaulted on a $65.2 million mortgage. The Macy's store was not included in the foreclosure.
The Southland Mall was developed in 1959.
The property is also in a federal opportunity zone, so the buyers could receive significant tax benefits by investing there.




Electra America, a real estate private equity firm, along with its U.S.-affiliate, American Landmark, and BH Group, a Miami-based private real estate investment, and development firm, has unveiled preliminary plans for the redevelopment and revitalization of the Southland Mall in Cutler Bay, located at 20505 South Dixie Highway, approximately 20 miles south of downtown Miami. The 80-acre, $1 billion redevelopment will be one of the most significant projects of its kind in the Southeast and be called Southplace City Center, designed and master planned by MSA Architects Inc. with Insite Studio as the landscape architect, Kimley Horn as the civil/traffic engineer, CPH for retail consulting, and Florida Economic Advisors for economic consulting.


The developers envision a “city within a city” for living, working, shopping, and playing that will create more than 4,000 residential units, over 500,000 square feet of curated retail, and exciting dining and entertainment venues at the existing mall, with an additional 150,000 square feet of prime retail space and outparcels for food and beverage operators. The phased redevelopment project will be a charming, self-contained community with abundant green space, bike and golf cart trails, walking trails, a trolley system, and easy access to public transit – specifically, the soon-to-open Miami-Dade SMART Plan mass transit route adjacent to the property.

The total project, to be completed over a seven-year time frame, is expected to create approximately 2,700 new jobs and generate $44 million in property taxes ad valorem revenue in the first five years ($6.1 million to Cutler Bay) and up to $491 million ($75.2 million to Cutler Bay) over 20 years. The developer’s plan fully complies with the Town’s code and will not seek any special approvals.

Ground-breaking on the first residential building is expected in mid-2023 and will deliver in early 2025.


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