Electra America JV plans $1B mixed-use redevelopment of Southland Mall

An Electra America joint venture is planning a $1 billion overhaul of Southland Mall in Cutler Bay.

Electra, its multifamily affiliate Tampa-based American Landmark, and Miami-based real estate firm BH Group are planning to add mixed-use components to the 80-acre site. They will include a 150-key hotel, 60,000 square feet of medical office space, 150,000 square feet of retail out parcels and a community amphitheater, a press release states.

In May, the partnership paid $100.3 million for the indoor retail center at 20505 South Dixie Highway. The new project is called Southplace City Center.

The proposal, submitted to the town of Cutler Bay, also calls for the phased-in development of 4,395 apartments, as well as updating the existing 808,766-square-foot mall with cosmetic improvements and the addition of new retailers, including a specialty grocer, the release states.

Electra America, led by managing partner Joe Lubeck, and its partners plan to break ground on the first apartment building in 2023, with an expected completion of early 2025, the release states. Rents will start at $2,500 a month. Lubeck is also CEO of American Landmark.

Southplace City Center is being master planned by MSA Architects.

The joint venture bought Southland Mall from Wells Fargo Bank as trustee for a JP Morgan Chase commercial mortgage-backed securities trust, which seized the property in February of last year. The previous owner lost a $68.7 million foreclosure judgment.

The deal did not include a Mercedes-Benz dealership and a former Sears store and auto center that are also on the property.

The redevelopment site is in an Opportunity Zone, a federally designated area meant to encourage development and job creation in low-income communities. So the partnership could attract investors seeking tax benefits from funding a project.