Thats what youre advocating to pay for this huge undertaking. Southland Mall Management Office (305) 235-8880 ext. The center is located off Interstate 880 at Winton Avenue, at the western end of the city. Campbell . The store closed on February 14, 2020.[13]. Southland closed in 1985 and underwent an extensive remodel that left it unrecognizable, reopening as an indoor mall with a new name: Promenade. In 1950, Minneapolis was the 17th largest city in the US; now its fallen to the 46th largest city in the US. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing. The 976,889-square-foot Southland Mall was seized by a commercial mortgage-backed securities (CMBS) trust in February 2021 over a $68.7 million foreclosure judgment. Not enough people are riding the bus and that is the excuse the city will make to not expand metro rail. Really will be cost prohibited. The longer elected officials delay metrorail expansion, the more expensive that expansion will be. Genting Group received nine offers, five of which exceed $1 billion. Southland Mall, which opened its doors to the community in 1966 as the first enclosed mall in Memphis, celebrated its 40th anniversary last month. (305) 232-3737. Truly the mall desperately needs renovation, & proposed plan would satisfy housing for many people. FOX 2 Detroit. Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business. Old Sears building at Southland Mall is sold | News It is managed and owned by Namdar Realty Group. The plan also calls for a new vehicular entrance directly off U.S. 1, featuring a welcoming entrance square with a large fountain and extensive green space, along with a pedestrian bridge connecting the community to the new bus rapid transit stop. The development team acquired the mall and adjacent parcels totaling 80 acres in May of this year. May 3, 2022 / 11:15 PM We will email you a link to reset your password. As part of our marketing strategy, the town has developed a promotional video which highlights the Vision, Zoning and Federal Opportunity Zone designation., The video may be viewed at The CMBS trust. Demand For Brightline So High That It Just Earned A South Segment Profit: Never Really Intended, Aston Martin Residences Now Second Tallest In Miami, Closer To Completion, Dolce & Gabbana Planning Major Residential Project In Miami, 649-Foot Missoni Baia Appears Near Completion In Edgewater, With New Baywalk, SmartCity Buying Genting Site For $1.2B, Planning Something Spectacular, Interior Demo Permit Issued This Morning At One Bayfront Plaza Supertall Site. Minneapolis has been gaining population for the past 15 years. 23000 Eureka Road, Taylor, MI 48180 Sign In Now. The site is ready for change and this project will check so many boxes on our communitys wish listthousands of jobs, more restaurants, entertainment, and a fresh look, to name a few. And todays most quickly growing access control solution leverages what almost everyone today keeps with them at all times: their smartphones. / CBS Miami. A 7 story bedroom community is just going to cause more traffic/congestion in the area of that mall. The Heal the Hood Foundation performed their Wake up Tour with a positive message in each performance. Exclusive discounts on ALM and GlobeSt events. Southland Mall SoldA Message from the Mayor It was developed in 1959.. We need you to know that security is our top priority and that we hold any information we have about you under lock and key. Minneapolis gained 50k people in the past decade and all neighborhoods in Minneapolis continue to increase in population. google_cpa_choice = "CAEQjMGkgwIQ0MCkgwIQlMCkgwIQ2L-kgwIQnL-kgwIQ4L6kgwIQpL6kgwIQ6L2kgwIQrL2kgwIQ8LykgwIQtLykgwIQ7Pa39gEQsPa39gEQ9PW39gEaCPGka20_VnAHKJDD4IEBKJDD4IEBKJDD4IEBKJDD4IEBKJDD4IEBKJDD4IEBKJDD4IEBKJDD4IEBKJDD4IEBKJDD4IEBKJDD4IEBKJDD4IEBKJDD4IEBKJDD4IEB"; In addition, Meerbott says the plan is to build a walkable space, which will also include housing. The auction was scheduled after the court ruling was handed down. Politicians did not have to guts to tell taxpayers the ugly truththat the mass expansion they touted would take around a 1.5 2 cent sales tax increase. Cutler Bay Residents Concerned Plan To Build High-Quality Housing At Connect To Your Customers & Grow Your Business. The stations are safe, secure and easily accessible and upgradeable for the day that there is enough ridership to substantiate upgrading. We will have to wait and see who buys the note before we have a more clear idea of where they want to go.. Electra America is a real estate private equity firm focused on value-add and opportunistic investments in the U.S. Sunbelt markets. The mall was largely destroyedby Hurricane Andrew in 1992 and rebuilt the following year. The name Southland, the mall is located in Southern Alameda County. On July 7, 2017, it was announced that Kmart would be closing on October 1 as part of a plan to close 43 Kmart and Sears stores nationwide. *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. "We have worked hard over the last two years and plan to continue to work hard to ensure Southland Mall has 40 more great years," Belk said. Subscribe to our free newsletter. It was built in 1966, becoming the first enclosed mall in the Mid-South. Investcorp's $65M commercial mortgage-backed securities loan, issued in 2014, went into special servicing in April 2020. 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. Southland Mall is the large retail landlord's first Memphis property. "Mr. Belk's commitment to the property, the extensive renovations completed in 2005 restoring Southland Mall to its prominent position as the flagship of retail businesses in Whitehaven and unique business strategies have placed Southland Mall on the road to continued success.". The celebration week kicked off with the signing of a Southland Mall collage by shoppers and tenants expressing their congratulations. If residents along that corridor will ride the upcoming BRT system in sufficient numbers, they can make a case for extending Metrorail. Phar-Mor was torn down for a Kmart. Southland Mall's occupancy rate is 74 percent not including the Sears and Macy's stores, Rixter said, adding that with the anchors, the occupancy is at 90 percent. I just hate to see it go it was such a big part of my childhood and my cousins childhood. Bro are you that dumb? Existing zoning allows 15 floors and 720 apartments, according to the Herald. 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. Troubled loan on Southland Mall offered for sale As the coronavirus pandemic was bearing down and tenants struggled, Investcorp decided to let the property go,The Real Deal reported last year. Southland Mall (Hayward, California) - Wikipedia Website. Find property characteristics, ownership, tenant details, local market insights and more. There are thoughtful professional DOT blueprints, proposals and discussions easily available on the web for those interested in this critical topic. AC. Southland Mall Sells In Foreclosure - Memphis Daily News Metrorail is never coming that far south. It now has nearly 100 tenants, including anchors Macy's, JCPenney, TJ Maxx and Ross. CommercialEdge: Even in 2018 dollars, that would be approx $1.74 billion to extend Metrorail from Dadeland South to Southland Mall, figure over $2 billion today and far more in a few more years. Ground-breaking on the first residential building is expected in mid-2023 and would deliver in approximately 18 months (early 2025), with rents starting at $2,500. A county-wide transit assessment emphasized utter necessity for metro rail extension with Southland mall as a metro rail and other transit hub. The mall last August celebrated its 40th anniversary with a week-long celebration. The grand finale of Southland Mall's 40th anniversary week opened with a live performance by Memphis Soul Revue and included drawings for gift certificates from City Gear, Silver Time, Piccadilly and Mr. Goldman's. Electra America and BH Group recently announced they have purchased the former Sears building on the Mall's site. are retail buildings over 50,000 square feet. Gifts also included a trophy, an air-brushed shirt from Air Xpressions and a gift certificate from 4Ever Young. Good more density near future metrorail stations hopfully. "The mall has been decaying quite a bit, as you can see in the background it needs a major facelift to say the least," added Canes. Plans are being developed for beautiful residential spaces on excess land. Instead, former Mi Dade county mayor brokered sweetheart deals with buses. of floors. 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 a 20-year period. Photo by Philip B. Poston/Sentinel AURORA | With thousands of cars cruising by on the E-470 toll road everyday and a steady stream of new rooftops in the neighborhood, Southlands Mall doesn't struggle to lure shoppers. The appreciation ceremony concluded with Belk and family members releasing 40 balloons into the air to symbolize 40 years of history. BH has extensive experience in taking a project from acquisition through opening; specifically overseeing all phases of development and asset management. Just hit yes and continue on your way. CommercialEdge. (786) 393-7192. All Rights Reserved. The market value* for Southland Mall - 20507 South Dixie Hwy in 2022 was $5,283,774. Lender pays $43M for Broward Mall in foreclosure auction Upcoming regulations in the European Union require us to show this pop-up and ask you to agree to keep using Bisnow.com. There is a shortage of housing units in Miami-Dade at all tiers. It's already hard to afford.". We anticipated this back in 2006 and that type of development would not require any zoning change. Southland Mall - 20507 South Dixie Hwy was last sold on 16 May, 2022. Find property contacts with verified and updated contact information on Max W. Campbell was a big man. Actually, you wont Shawn. 2023 Miami's Community Newspapers a Miller Publishing Company. In 1995, a new Mervyns store opened, replacing Joseph Magnins, an earlier . Shopping mall in Cutler Bay, Florida, U.S. Cutler Bay (formerly Cutler Ridge), Florida, "Fitch: Southland Mall in 'imminent default' - South Florida Business Journal", "University of Miami Libraries Collections", "The Miami News - Google News Archive Search", "Cutler Ridge Mall To Be Rebuilt By Debartolo - Free Online Library", "Post-Hurricane Andrew, Retail Returns to S. Miami by Bob Andelman", "LURIA'S PLANS 40,000-SQUARE-FOOT SUPERSTORE AT REBUILT CUTLER RIDGE MALL - Free Online Library", "Former Cutler Ridge Mall making a new entrance - South Florida Business Journal", "Regal plans 16-screen theater in south Miami-Dade", "Investcorp buys Southland - South Florida Business Journal", "Sears and Kmart store closings: 51 Sears, 45 Kmart locations to shutter. It was purposely built, featuring imagery of New York, and operated at the Rotterdam Square Mall in Rotterdam, NY from 1988 until it was sold in January 2007. There was also a freestanding Sears. google_ad_client = "pub-3056635427836124"; Coordinates: .mw-parser-output .geo-default,.mw-parser-output .geo-dms,.mw-parser-output .geo-dec{display:inline}.mw-parser-output .geo-nondefault,.mw-parser-output .geo-multi-punct{display:none}.mw-parser-output .longitude,.mw-parser-output .latitude{white-space:nowrap}253428N 802207W / 25.574392N 80.368735W / 25.574392; -80.368735. The corridor will provide a 20-mile mobility connection between Miamis central business district and the Countys southern-most communities. In my opinion, this BRT route should be tri-rail style commuter rail. "It's an embarrassment. Southland Mall sold to Namdar Realty Group - Memphis Business Journal Nine bays . 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. The mall also features a movie theater, LA Fitness, DSW Shoe Warehouse, Victoria's Secret, Old Navy, TJ Maxx, Buffalo Wild Wings, and Ulta. The Children's Place. There would be a tax increase in some form to pay for it. Electra America, BH Group Buy Miami's Southland Mall For $100M This is not a step Rixter did not want to comment on the new buyer, and Cayre was not immediately available for comment. The landmark property, co-owned by Investcorp and Gumberg Asset Management Corp., had been having financial difficulties for years. However, the list below shows better . 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. You can kick the entire amount of people that live in Minnesota out of Florida and still Florida will have a population thats almost or probably is three times larger that Minnesota. It's a community in itself.". Additional businesses on the mall property include Ross Dress for Less, SunTrust, Olive Garden, Applebee's, Regions Bank, Churromania, and Baby Elegant. "It's an embarrassment here, it's dilapidated," said longtime Cutler Bay resident Dahlia Canes as she walked around Southland Mall. Carry Out. Downtown Miami Development Site Trades for $1.2B, EDEN, Dermot Plan Downtown Miami Luxury Apartment, ZOM Living Sells Mezzo Dallas Multifamily Development, Unlimited access to GlobeSt and other free ALM publications, Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications, 1 free article* every 30 days across the ALM subscription network, Exclusive discounts on ALM events and publications. ", The future of this site is one that our residents deeply care about, expressed Town of Cutler Bay Mayor Tim Meerbott. The partners paid $100.35 million to purchase the 808,776-square-foot mall located on approximately 80 acres of land. Pyramid Promises Garden Ridge later closed and became smaller stores. Southland Center - Home - Facebook The total list of tenants and suites, along with other lease information, for this property is available on Unless youre aware of some magic funding source that no leaders know of. 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. In 2002, management of the mall was assigned to T/S Development of Miami, Florida, which changed the name of the mall in November 2003 to Southland Mall. 10 Regional Powerhouses to Watch: Top Retail Brands Dominating Local Markets. More Details. JC Penney at Southland Mall in Cutler Bay, Florida, south of Miami. Learn how and when to remove this template message, "Total Sears and Kmart Store Count Going Down to Just 95", San Antonio Shopping Center, Mountain View, https://en.wikipedia.org/w/index.php?title=Southland_Mall_(Hayward,_California)&oldid=1115000976, Buildings and structures in Hayward, California, Shopping malls in the San Francisco Bay Area, Shopping malls in Alameda County, California, Short description is different from Wikidata, Articles lacking in-text citations from November 2013, Infobox mapframe without OSM relation ID on Wikidata, Creative Commons Attribution-ShareAlike License 3.0, 1 with partial lower level (2 in anchors), This page was last edited on 9 October 2022, at 09:52. 106. Now public records are giving a little more information about the buyer. 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. Apparently many commentators here are unaware of Miamis current public transportation crisis that is set to become a complete catastrophe in the near future. Southland Mall in Miami-Dade faces foreclosure | Miami Herald Older Marion mall is sold for just over $1 million On April 29, 2022, Southland Mall was sold to Electra America and BH Group, a Miami-based private real estate investment and development firm, for $100.35 million. The property sits across from a new stop on the South Corridor Bus Rapid Transit project, which is currently under construction and slated to open early next year. We need additional data to finish your registration. It has failed to see the electrifying sign language of images.Camille Paglia (b. 2 that long-troubled Southland Mall had been sold to a team of two companies private equity investor Electra America and developer BH Group for $100.35 million.. CUTLER BAY (CBSMiami) - Southland Mall in Cutler Bay will soon be transformed into a multimillion-dollar mixed-use development with homes, restaurants and retails shops. Hopefully at least some new asphalt and some really spiffy 21 st. century benches. You wanna get taxed outta Miami? 50 old mall stores you probably haven't seen for years (at least not 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. Mobile Access Management: Finding a Home in Commercial Facilities. Lender Takes Control of Southland Mall in Cutler Bay - The Real Deal Just forget it. Nah, market rate is what we need. The City of Southfield has sold the historic Northland Mall for We look forward to providing additional information about our plans shortly. Yeah in about another 10 years. 20505 South Dixie Hwy - Retail Space For Rent | CommercialCafe Home | Southland Mall 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. Downtown Memphis Blog In 1995, a new Mervyns store opened, replacing Joseph Magnins, an earlier Southland store. 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. [4] Lord & Taylor closed in 1990 and became Mervyns in 1991. "There isn't as many people as other mall so hopefully the new management it will get better," said Carlos Salas. The owner of Southland Mall, B.V. Belk Jr., opened the ceremony with a welcome and thank you to the tenants. The excitement grew with the performance by Millennium M.A.D.D.ness Drill Team. "It's great that Southland Mall supports the community providing a safe place to walk," said Gwen Nelson, an eight-year Southland Mall walker. Generating an unprecedented response from a broad range of local, national, and international buyers. Nobody is saying it should be free. It will be open next year. 220,115 square feet (20,449.4 m 2) No. Some people may have been surprised when it was announced on various real estate news websites that Cutler Bays Southland Mall, 20505 S. Dixie Hwy., had been seized by Wells Fargo Bank, representing a commercial mortgage-backed securities trust, as the result of a foreclosure auction on Feb. 10. 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. Extensive light rail is the only solution where the US1 busway and 117th Ave run as main corridorsalong with other main thoroughfares. It works seamlessly. Southland Mall sells for $20 million - Action News 5 In 2015, Sears Holdings spun off 235 of its properties, including the Sears at Southland Mall, into Seritage Growth Properties.[12]. Some people may have been surprised when it was announced on various real estate news websites that Cutler Bay's Southland Mall, 20505 S. Dixie Hwy., had been seized by Wells Fargo Bank,. The former Richard's/Burdines building was torn down for J. Luria and Sons, a local catalog showroom chain, which opened at the mall in 1994. We look forward to working with Electra America and BH Group to bring this important project to life, while keeping it consistent with the character of our beautiful Cutler Bay.. Unlock data on CommercialEdge. [6][7][8] The Luria's building later became Garden Ridge Pottery, while Dillard's took the former Mervyns which closed in 1997. Isnt it like any other public service tho? More Details. The mall opened as Southland Mall in 1978 and was Marion County's premiere shopping and entertainment destination until the new businesses began stealing shoppers' attention, Schertzer said. The population in the state of Florida is about 22.3 million people or more. "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. Subsequent additions extended the mall in the early to mid-1980s. www.dropbox.com/sh/hfjb3syv30f23j6/AACZhJB8vv0SA4Mcbsb78d5za?dl=0&preview=Cutler+Bay+Town+Center+2019.mp4. 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. Try legalizing Recreational Cannabiz and tax it. Centennial scooped up the mall at 1675 West 49th Street by assuming. Plans Unveiled for $1 Billion Redevelopment of 80-Acre Southland Mall