May 12, 2016
According to The Real Deal South Florida, Miami could soon be home to the biggest mall in America. Triple Five is planning American Dream Miami with a target opening in 2020. The Miami development will combine entertainment and shopping on 200 acres with 6.2 million square feet of floor space and 3.5 million square feet of leasable retail space (1 million more than Mall of America located outside Minneapolis and also owned by Triple Five).
Taken from the National Retail Market Report, the article explains the plight of the shopping mall over the last decade. In order to combat internet shopping, ‘some developers are building bigger and more extravagant shopping centers than ever before. In addition to having a greater diversity of stores and restaurants, these next-generation malls are relying heavily on entertainment to drive sales.’ John Spina further explains in the Real Deal article that ‘the top retail developers are now selling an experience with retail present, and not the other way around.’ The new malls will combine amusement parks, fashion shows, celebrity chefs and stunning architecture to attract consumers. Green Street Advisors, a California-based real estate think tank noted that ‘it’s advantageous for a mall to be able to support high-value luxury retailers of goods that people are less likely to shop for online.’ For example, Tiffany & Co. is the retailer with the highest amount of sales per square foot.
American Dream Miami is hoping to include a water park, ski slope, theme park, live entertainment venue, movie theaters, lake with submarine rides, outdoor fishing an Art Deco village and more. In order to create the ‘ultimate family experience’, the destination mall will offer a wide variety of restaurants and a moderately priced 2,000-room hotel. See Plans for Mall
Triple Five is also planning American Dream Meadowlands in New Jersey to open in 2017. The mall will not be as large as the Miami project, but promises to offer a wide variety of shopping and entertainment venues. There are several other destination shopping projects planned across the United States. Century City in Los Angeles is planning a relaunch in 2017, Miami Worlcenter is targeted to open in fall 2018, Sacremento Railyards is a large-scale retail development set to open in phases over the next several years and Luxury Point in Sayreville, New Jersey is set to open in phases over the next few years. See Full Article
How would you like to live near the soon-to-be largest mall in America? Miami is a short distance from the Palm Beaches. Contact Nicholas Malinosky about buying a luxury home in the beach area. Mr. Malinosky is ready to help you achieve your luxury real estate goals.