Lender Takes Control of Southland Mall in Cutler Bay - The Real Deal Southland Mall Dental, P.A. Stamp It! Language links are at the top of the page across from the title. The appreciation ceremony concluded with Belk and family members releasing 40 balloons into the air to symbolize 40 years of history. "You have to worry about what's gonna happen when a mall is struggling, so we decided to come up with a vision for this area rather than leave it at the hands of the developer on their own," said Tim Meerbott, the mayor of Cutler Bay. Southland Mall was dedicated in 1964, added to the previously existing Sears. Originally developed in 1959, it has about 100 tenants. google_cpa_choice = "CAEQjMGkgwIQ0MCkgwIQlMCkgwIQ2L-kgwIQnL-kgwIQ4L6kgwIQpL6kgwIQ6L2kgwIQrL2kgwIQ8LykgwIQtLykgwIQ7Pa39gEQsPa39gEQ9PW39gEaCPGka20_VnAHKJDD4IEBKJDD4IEBKJDD4IEBKJDD4IEBKJDD4IEBKJDD4IEBKJDD4IEBKJDD4IEBKJDD4IEBKJDD4IEBKJDD4IEBKJDD4IEBKJDD4IEBKJDD4IEB"; It has failed to see the electrifying sign language of images.Camille Paglia (b. "It would be a good opportunity, but the high-quality, high-pricing housing, a lot of people can't afford that," said Cutler Bay resident Latoya McCray. The new ownership team envisions a city within a city for living, working, shopping, and playing that will feature more than 4,000 residential units, over 500,000 square feet of curated retail, and exciting dining and entertaining venues at the existing mall, with an additional 150,000 square feet of prime retail space and outparcels for food and beverage operators. Subscribe to our free newsletter. Southland Center is the only regional mall in the Detroit suburbs south of I-94, near the I-75,. American Landmark is committed to delivering great service and outstanding living environments to residents and delivering consistent, attractive risk-adjusted returns to investors and partners. We look forward to providing additional information about our plans shortly. The partners are planning a major mixed-use redevelopment of the site, including modernizing and repositioning the mall and building a residential development on the remaining land. / CBS Miami. Southland Mall, originally known as Cutler Ridge Mall, is a shopping mall in Cutler Bay (formerly Cutler Ridge), Florida. Actually, you wont Shawn. A Kmart store closed in 2017 and a Sears closed in early 2020. Truly the mall desperately needs renovation, & proposed plan would satisfy housing for many people. We need you to be ok with our use of information like your general location or reading habits to personalize your experience, so we can suggest the right stories to read or events for you to attend. The mall had been owned by a subsidiary of Investcorp, a global firm with headquarters in Bahrain and $35B in assets under management. //-->, Memphis Links ", http://www.commercialappeal.com/mca/my_life/article/0,2846,MCA_25356_4981717,00.html. The CMBS trust. Off board fare collection. The reinvention of the Southland Mall into Southplace City Center, a vibrant, mixed-use transit-oriented community with live-work-play options, promises much-needed relief for a city suffering from a major housing shortage, MIAMI (September 20, 2022) Electra America, a real estate private equity firm focused on value-add and opportunistic investment in the Sun Belt region of the U.S., along with its U.S.-affiliate, American Landmark, and BH Group, a Miami-based private real estate investment and development firm, today unveiled preliminary plans for the redevelopment and reinvention of the Southland Mall in Cutler Bay, located approximately 20 miles south of downtown Miami. According to town officials, the mall, which was in bankruptcy, was recently sold for more than $100 million and the new owners have agreed to work with the town to transform the more than 80-acre property. It was announced on Mar. In 1998, Old Navy opened next to Sears. The comparison would not make sense, because Miamis population has been increasing since then. The project design team for Southplace City Center includes economic advisors Florida Economic Advisors, retail consultants CPH, master planner/designer MSA Architects Inc., landscape planner Insite Studio and civil/traffic engineer Kimley Horn. Read more about this topic: Southland Mall (Hayward, California), The visual is sorely undervalued in modern scholarship. Southland Mall - 20507 South Dixie Hwy is located at 20507 South Dixie Hwy in the Cutler Ridge Center neighborhood, Cutler Bay, FL, 33189. Did I say we should copy Minnesota housing? Level boarding. Strategically located in Houma, Southland Mall continues to be the established shopping destination. The Southland Mall in Cutler Bay was sold to Electra America and BH Group. The site is conveniently bordered by the Florida Turnpike on the east and U.S. 1 on the west, placing it on major commercial crossroads in suburban Miami-Dade County, directly along the new South Corridor Rapid Transit Project, expected to open in late 2024. This. The owner of Southland Mall, B.V. Belk Jr., opened the ceremony with a welcome and thank you to the tenants. Southland Mall is an enclosed shopping center featuring nearly 100 stores, dining, and entertainment options located in Cutler Bay, Florida. Built in 1966, the property includes the 291,000-square-foot middle portion of the mall but not the part home to Sears or. . Rixter did not want to comment on the new buyer, and Cayre was not immediately available for comment. CommercialEdge. The Broward Mall has a new owner after a lender acquired the retail property for $43 million in a foreclosure auction. Allow me //--> A Liberty House (later Emporium Capwell and then Macy's) was part of a major expansion completed in 1972, which included an indoor ice rink. Southland Mall Pics - Remembering the Marketplace of the Midsouth Too bad they dug up the FEC rail that previously existed, and are doing the same for areas around Kendall that are perfect from a Tri-Rail spur from Hialeah Market Station. That was Alex the great penelas, who stole all of poor people $$$. Upcoming regulations in the European Union require us to show this pop-up and ask you to agree to keep using Bisnow.com. "Cutler Bay has some standards that we want to make sure the developer abide by to provide quality housing with enough room to make it a livable space rather than a space to through people in.". Finally, BH Group will continue to succeed by nurturing its strong relationships in the real estate market. ", The future of this site is one that our residents deeply care about, expressed Town of Cutler Bay Mayor Tim Meerbott. In addition to its core competencies, the BH team brings a vitality and spirit to the business that is most often found in driven entrepreneurs who come from challenging business environments abroad. 2022 CBS Broadcasting Inc. All Rights Reserved. There is no county money nor federal money for this. Already have an account? Id rather Metrorail be extended to Miami Beach east, and Little Havana, Doral, and FIU west, before any extension southbound into a low-density suburban area. Really will be cost prohibited. Southland Mall, which opened its doors to the community in 1966 as the first enclosed mall in Memphis, celebrated its 40th anniversary last month. The peak population of Minneapolis was in 1950, when its population was 521,718. google_ad_width = 125; Subscribe to Bisnow's South Florida Newsletters. Past mayor Gimnez now represents us at a federal level. The busses will run on NatGas or electricity and the travel lanes are dedicated to the BRT and trigger crossing gates the same way the the Metro rail would trigger gates. Just forget it. The property last traded for $46 million in 2004. Just hit yes and continue on your way. A 60-foot battery electric articulated bus with electric traction motors with 150% better performance and no vibration. google_ad_height = 125; Its literally a piece of my childhood. Canes and other Cutler Bay residents who feel the same will soon get their wish of a facelift. FOX 2 Detroit. There would be a tax increase in some form to pay for it. [9] Also, the Dillard's store closed and was torn down in 2004 for Regal Cinemas in 2005, and this was also likewise done at Pompano Citi Centre where the Dillard's was also demolished. South from Airport to Douglas Rd and then a new line from FIU to the east along SR 41, I dont think the vendors along Calle Ocho will let that happen, The thing is, middle and upper class people dont want to take a bus but will ride trains. On November 7, 2019, it was announced that Sears would be closing this location a part of a plan to close 96 stores nationwide. Southland Mall at 1215 E. Shelby Drive has sold for $20 million to a New York-based investor. Pantry Pride became a Phar-Mor. However, if its extending from the Miami Airport Station south West 37th Avenue to Douglas Road Station with more stations in between, there will be more reason to use it. Southland Mall sells out of foreclosure to developer Southland Mobile Accessories (786) 694-1804. In my opinion, this BRT route should be tri-rail style commuter rail. Steve & Barry's moved into the former The Good Guys! On Aug. 26, the 40 Years Walk/Stroll began at 8 a.m. and showed appreciation to Southland Mall's faithful mall walkers by giving free T-shirts and Coke products. Ensuring that this project aligns with our communitys vision and has a proper mix of use is extremely important to the Town Council and me. The program concluded with Cheryl Jefferson's name being drawn for an island trip for two provided by Soul Classic 103.5 FM and Power 99. Barry Sternlicht's Starwood Capital Group sold Westland Mall in Hialeah to a Dallas-based retail real estate firm. In 2017, The Galleria at Pittsburgh Mills Mall sold for $100at auction in a similar credit bid situation. Fax:(305) 234-4251. It did not include anchors Sears or Macy's, but did include IHOP and First Tennessee Bank on outparcels, said Michael Rixter, general manager of the mall. They are construction BRT which is comparable to the metro rail. The new owners are planning for a mixed-use redevelopment of the 80-acre site with commercial and residential components. Minneapolis has been gaining population for the past 15 years. Language links are at the top of the page across from the title. We're not asking for your money. "Cutler Bay is the geographic center of the county yet there's very little opportunity here for jobs, very little opportunity here for entertainment, and this could be the spark that changes everything," added Meerbott. "It's an embarrassment here, it's dilapidated," said longtime Cutler Bay resident Dahlia Canes as she walked around Southland Mall. google_ad_width = 125; Harbor Group International was the buyer. South Dade's Southland Mall has been sold, and the new owners are said to be planning thousands of new residential units, according to the SFBJ. Minnesota is cold. "Southland Mall has experienced a rebirth since Mr. Belk purchased the mall in 2004," said Michael Rixter, general manager of the mall. It could work at Southland mall. 4 arrested after shooting outside Southlands Mall in Aurora The center is located off Interstate 880 at Winton Avenue, at the western end of the city. We have had some interest in other uses which include a hospital. The connection hasnt been madeand Im curiouswhat does Minneapolis have to do with greater Miami? We anticipated this back in 2006 and that type of development would not require any zoning change. The $$$ isnt there for it. Southland closed in 1985 and underwent an extensive remodel that left it unrecognizable, reopening as an indoor mall with a new name: Promenade. For more information, visitwww.electramerica.com. *This represents the market value determined by the appropriate local tax/financial authority, and not the latest sale price or current market value based on recent sales. With an endowment from The Azarius Fund? The site incorporated a freestanding Sears location and a few other stores operating as the Palma Ceia Center (Palma Ceia being Portuguese for "Palm Supper", a reflection of the ethnic Portuguese heritage of Oakland and its newly developing suburbs) and a $20 million expansion program was announced in the fall of 1963, in which the facility would become an enclosed mall. "There isn't as many people as other mall so hopefully the new management it will get better," said Carlos Salas. Electra America is a real estate private equity firm focused on value-add and opportunistic investments in the U.S. Sunbelt markets. Yeah. A lender has taken control of Southland Mall in Cutler Bay after a foreclosure auction failed to yield any bids over $2,600. Southland Mall Management Office (305) 235-8880 ext. Electra America is a partnership between The Lubeck Family and a subsidiary ofElectra Real Estate Ltd., an Israeli company founded in 1972 and publicly traded on the Tel Aviv stock exchange (TLV: ELCRE). BH Group is a Miami-based real estate development firm focused on the ground-up development of luxury projects throughout South Florida. But its time has passed, and its time for something to meet todays needs. Apparently many commentators here are unaware of Miamis current public transportation crisis that is set to become a complete catastrophe in the near future. Minneapolis gained 50k people in the past decade and all neighborhoods in Minneapolis continue to increase in population. There is also a vacant anchors left by Sears and Dick's Sporting Goods, which prior to Dick's was Kohl's, and way before Mervyn's. Also subscribe to Bisnow's Commercial Real Estate Newsletter, Tiger Woods, Justin Timberlake Back 600-Acre Palm Beach County Project, $1.2B Deal Struck For 15-Acre Development Site On Biscayne Bay, Florida Bills Put Tens Of Thousands Of Historic Properties At Risk Of Demolition, Residential Development Plunges In South Florida As Rising Costs Hold Back Construction, Owner Of Kayak-Branded Miami Beach Hotel Faces Foreclosure, Also subscribe to Bisnow's National Newsletter, Phillip Pessar via Flickr Creative Commons. There are 2 retail spaces for lease in the Cutler Bay city, totaling 6,000 SF of available retail space. Akin to Los Angeles, Miami *used* to have a light rail network that was ripped out in favor of automotive transportbig mistake. In addition, Meerbott says the plan is to build a walkable space, which will also include housing. Mall walker Veronica Terry donated to HOPE Foundation, founded by Mother Wit, to help children infected with HIV. We will email you a link to reset your password. How is this good news? Did everyone not reas the the article? Electra America and BH Group recently announced they have purchased the former Sears building on the Mall's site. Southland Mall, Macy's under contract to developer Electra America JV Pays $100M For Cutler Bay's Southland Mall Leveraging decades of expertise, Electra America is committed to transparency, the alignment of interests between sponsors and investors, and delivering superior risk-adjusted returns to its investors and partners. It will go from Homestead to Dadeland station. In 2006, Old Navy closed. Im going to miss it. Success! Mobile access control is not a fad. "So, we develop a division which would be amenable with our town a mix-used environment that will bring all the things that we can use restaurants, entertainment, jobs something that's very vital in every community," added Meerbott. People have been leaving Minneapolis in droves since two weeks from today, two years ago. Floodplain Mitigation Plan Advisory Committee, Invasive Exotic Plant Species in Cutler Bay. owners, building management, representatives from permits and tenants. The city of Southfield has sold the historic Northland Center. Use the form below to reset your password. Investcorp's $65M commercial mortgage-backed securities loan, issued in 2014, went into special servicing in April 2020. Generating an unprecedented response from a broad range of local, national, and international buyers. With initial capital commitments totaling approximately$2.5 billionacross multiple funds managed by the firm and its affiliates, Electra Americas portfolio encompasses more than $6 billion in commercial real estate property holdings and debt in the multifamily, hospitality and single-family rental home sectors. Drunk with self-love, criticism has hugely overestimated the centrality of language to western culture. It is managed and owned by Namdar Realty Group. JC Penney at Southland Mall in Cutler Bay, Florida, south of Miami. Look at Minneapolis. Now public records are giving a little more information about the buyer. All Rights Reserved. Wells Fargo Bank, trustee for the CMBS trust that issued the loan for the 977K SF Southland Mall in Cutler Bay, Florida, filed a foreclosure lawsuit in June and won a judgment of $68.7M in principal and interest.
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