Federal Realty’s Sunset Place proposal gets another lifeline
South Miami commission will vote to reconsider $300M plan later this month
At the behest of residents and businesses, South Miami commissioners will reconsider a $300 million plan to redevelop the Shops at Sunset Place.
The commission will vote on a motion to reconsider Federal Realty Investment Trust’s proposal on Nov. 21, Mayor Philip Stoddard told the Miami Herald. The move comes a day after the commission killed proposed zoning rules that would have allowed the mall’s new owners, Federal Realty, Comras Company and Grass River Property, to redevelop the aging mall.
The city manager warned that without the promise of redevelopment, Federal Realty and the mall’s other owners could sell the property at a loss to a discount operator.
The Federal Realty-led group paid $110 million for the 500,000-square-foot, Mediterranean-style mall in 2015, and unveiled plans to redevelop portions of the property last year. That included knocking down parts of the mall and adding two apartment buildings with 400 units and a 200-room hotel and retail on the ground floor connecting both. [Miami Herald] – Katherine Kallergis