American Dream Miami developer picks up more land for mega-mall

Triple Five plans 6.2 million sf development in NW Dade

Miami /
Oct.October 24, 2017 10:30 AM

Developer Triple Five Group just paid $10.8 million for land in northwest Miami-Dade County, where it plans to build the American Dream Miami mega-mall, property records show.

Coral Gables-based Genesis Partner Development Enterprises LLC sold four parcels on Northwest 170th Street and Northwest 97th Avenue, just west of I-75. Gilberto Cerda of Genesis signed the deed transfer of ownership. International Atlantic LLC, an affiliate of Triple Five, also took out $13 million in financing for the properties from Canadian Imperial Bank of Commerce, also known as CIBC.

The 15-acre site is surrounded by land owned by the Graham Companies, among other developers and investors.

Triple Five plans to build the largest proposed mall and theme park development in North America on roughly 195 acres sandwiched between the Florida Turnpike and I-75. In January, the firm, led by Iranian-Canadian developer Eskandar Ghermezian, secured the first approval from the county commission for a comprehensive master plan amendment for the site. It still needs final approval from the commission.

Triple Five, which developed and owns Mall of America in Minnesota, plans to open the mall all at once in 2022. As proposed, the $3 billion entertainment and retail project would include several amusement parks, 2,000 hotel rooms, a 16-story indoor ski slope, a 20-slide water park, a submarine ride in a man-made salt water lake with an artificial reef, a climate-controlled theme park, a 14-screen 3-D movie theater, a performing arts center and more. It would span roughly 6.2 million square feet.

Graham, which sold the land to Ghermezian, also plans to build a $1.55 billion mixed-use development near American Dream.


Related Articles

arrow_forward_ios
David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Related Companies Chairman Stephen Ross with One Flagler (Related, Getty)
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Grover Corlew principal Mark Corlew with Bank of America Tower in Boca Raton (Grover Corlew)
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Moishe Mana and the downtown parking lot he purchased (Google Maps, Getty)
Moishe Mana expands downtown Miami assemblage with $12M purchase
Moishe Mana expands downtown Miami assemblage with $12M purchase
(Photos courtesy of Miami Historic Preservation, Smith Aerials, Colliers)
Development site near MiamiCentral hits the market
Development site near MiamiCentral hits the market
Alliance Residential Company CEO Bruce Ward and 6595 Morikami Park Road (Google Maps)
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Arbor Management Acquisition Company heads Ivan Kaufman and Maurice Kaufman with a rendering of Aventura Park (Anillo Toledo Lopez, iStock)
Arbor Management buys multifamily dev site near Aventura for $10M
Arbor Management buys multifamily dev site near Aventura for $10M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...