Electra America has unveiled plans for the reinvention and redevelopment of the Southland Mall in Cutler Bay, Miami. The 80-acre site will get a $1 billion investment from the real estate private equity business.
The project will be known as “South Place City Center.” It will be one of the largest of its sort in the Southeast, according to the business. The entire undertaking will take seven years to complete. It is anticipated to provide $44 million in property tax ad valorem revenue in the first five years ($6.1 million to Cutler Bay). Additionally, it will offer up to $491 million ($75.2 million to Cutler Bay) over the course of a 20-year period.
The developer won’t need any special approvals because his idea complies with the Town’s regulations.
Aim for the Southland Mall redevelopment project in Miami
The new ownership team envisions a “city within a city” where people can live, work, shop, and play.
This “city within a city” will include more than 4,000 residential units. Additionally, there will be over 500,000 square feet of carefully selected retail, exciting dining, and entertainment venues. Furthermore, it will include 150,000 square feet of prime retail space and outlets for food and beverage operators.
There will also be lots of green space, bike and golf cart trails, walking trails, a trolley system, and easy access to public transportation. Noteworthy, the soon-to-open Miami-Dade SMART Plan mass transit route is adjacent to the property.
Commentary on the project
“We’re thrilled to partner with the Town of Cutler Bay and its inhabitants to revitalize land that has lain dormant for decades, creating thousands of new jobs and easing the housing shortage that many Miami-Dade residents are currently experiencing.
In addition to offering a variety of market-rate housing alternatives, Southplace City Center’s position away from residential areas but close to major roads and mass transit reduces traffic and makes it easier to use public transportation, two important aims for this neighborhood.
We look forward to collaborating with the community to ensure that this project respects the values and character of Cutler Bay,” said Ron Gaither, Chief Development Officer of Electra America.