Triple Five “inching closer” to construction on American Dream Miami

Triple Five and the Graham Companies exchanged 40 acres

Miami /
Jun.June 17, 2020 05:02 PM
Rendering of American Dream Miami, Triple Five Group chairman Nader Ghermezian

Rendering of American Dream Miami, Triple Five Group chairman Nader Ghermezian

Triple Five Group is still planning to move forward with its American Dream mega mall in Miami-Dade, even as the Canadian development group is staring down billions of dollars of debt payments for its other malls.

Triple Five, led by the Ghermezian family, completed a land swap with the Graham Companies for 40 acres near the site of the American Dream Mall, near Miami Lakes in northwest Miami-Dade County. No money was exchanged in the land swap, which was part of a previous agreement between the two companies in 2014.

Miguel Diaz de la Portilla, an attorney with Saul Ewing Arnstein & Lehr who represents Triple Five Group, said the developer is “moving forward and inching closer to the date when we can break ground.”

Diaz de la Portilla said the plans for the American Dream have not changed despite the impacts of the pandemic. He said Triple Five is looking to get administrative site plan approval from Miami-Dade County in the fall.

“On our end, everyone is optimistic in terms of retail and in terms of the economy that things will turn around,” said Diaz de la Portilla.

In May 2018, Miami-Dade County commissioners voted to rezone nearly 174 acres in unincorporated northwest Miami-Dade that will allow Triple Five to build 3.5 million square feet of retail space, a massive theme park and 2,000 hotel rooms on a vacant triangle between I-75 and the Florida Turnpike’s Homestead Extension. Plans for the retail development include a 16-story indoor ski slope, a 20-slide water park, a 14-screen 3-D movie theater, and a performing arts center representing 2.7 million square feet of entertainment and common space.

Triple Five originally acquired much of the land for the project from the Graham Companies.

Triple Five opened the Mall of America in East Rutherford, New Jersey off the New Jersey Turnpike in October, but had to shut down in March over coronavirus. Triple Five made headlines recently for missing two payments on its $1.4 billion mortgage for Mall of America in Minnesota, which has been sent to special servicing, according to Bloomberg. In total, the group’s mall properties have about $5 billion in debt.

Graham Companies, which developed Miami Lakes, is seeking to build a mixed-use development at the site adjacent to American Dream Mall. The company’s previous plans for the site include developing 2,000 rental apartments, one million square feet of retail stores and a business park spanning three million square feet.


Related Articles

arrow_forward_ios
Jorge and Jon Paul Perez with a rendering of the project (Getty, Related Group)
Related wins approval for another Wynwood mixed-use multifamily project
Related wins approval for another Wynwood mixed-use multifamily project
Cobblestone Commons at 8767 Boynton Beach Boulevard (Google Maps)
Tricor Financial sells Winn-Dixie-anchored Cobblestone Commons near Boynton Beach for $38M
Tricor Financial sells Winn-Dixie-anchored Cobblestone Commons near Boynton Beach for $38M
The Shoppes of Oakland Forest (Rich Commercial Group)
Shopping center in Oakland Park sells for $11M
Shopping center in Oakland Park sells for $11M
BridgeInvest's Alex Horn and Rieber Developments' Bernardo Rieber with a rendering of the project 
Rieber lands $15M loan for Aventura mixed-use project
Rieber lands $15M loan for Aventura mixed-use project
Arnaldo Bomnin and 8525 South Dixie Highway (Google Maps)
Bomnin Automotive pays $7M for former Pinecrest Mitsubishi dealership
Bomnin Automotive pays $7M for former Pinecrest Mitsubishi dealership
21046 Commercial Trail, Boca Raton (Google Maps, iStock)
New bowling alley lease couldn’t keep South Florida’s retail market out of the gutter in Q4
New bowling alley lease couldn’t keep South Florida’s retail market out of the gutter in Q4
2195 Northwest 103rd Street (Google Maps, iStock)
Four South Florida gas stations sell for $15M
Four South Florida gas stations sell for $15M
Nautical Ventures Marine CEO Roger Moore and Holman Automotive CEO Brian Bates with 1400 South Federal Highway (Google Maps)
Holman sells former Fort Lauderdale BMW dealership for $6M
Holman sells former Fort Lauderdale BMW dealership for $6M
arrow_forward_ios

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

Loading...