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  #61  
Old Posted May 19, 2018, 4:11 PM
Sun Belt Sun Belt is offline
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Originally Posted by itom 987 View Post
I think this is great news for Florida! They will finally be able to go skiing!!!
Well, the developer, Triple Five, is based out of Canada. They should know how to build a ski slope.
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  #62  
Old Posted May 19, 2018, 4:18 PM
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Originally Posted by downtownpdx View Post
Well as long as it further endangers wetlands and has crappy transit service, push it through asap! This is really the wave of the future. How inspiring.
Are you referring to Triple Five's other mega development off the Hackensack River in the wetlands - Meadowlands of New Jersey just off the N.J. Turnpike? Or is that different and somehow more acceptable than a development in Florida?

https://www.google.com/maps/place/Me...!4d-74.0742091
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  #63  
Old Posted Aug 3, 2020, 5:43 AM
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Finally! I've got a news for you. American Dream Mall in Miami. Groundbreaking in 2021.

https://news.yahoo.com/land-swap-bri...110000211.html

https://www.miamiherald.com/news/bus...238364773.html

Let's do it!

Last edited by N830MH; Aug 3, 2020 at 5:57 AM.
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  #64  
Old Posted Aug 3, 2020, 6:22 AM
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Originally Posted by N830MH View Post
Finally! I've got a news for you. American Dream Mall in Miami. Groundbreaking in 2021.

Let's do it!
Not so fast:

Quote:
Triple Five Faces Big Covid-19 Woes, but Analysts Say Don’t Write It Off
By Esther Fung
July 14, 2020 8:00 am ET

With Covid-19 keeping millions of consumers out of malls and shopping centers, much of the news about Triple Five Group, one of the largest private retail real-estate owners in North America, has been grim.

As of June, Mall of America is 60 days delinquent on its $1.4 billion mortgage and is negotiating with a special servicer for new terms, according to real-estate data firm Trepp LLC. The long-delayed American Dream project, which barely started opening when the pandemic hit, has at least $2.8 billion in debt, much of it borrowed in 2017.

But some retail experts say it is too early to count out the Canada-based company, which faces problems with Mall of America in Bloomington, Minn., and American Dream in East Rutherford, N.J., the country’s most expensive mall development.

Triple Five has in its favor the reluctance of creditors to foreclose on challenged properties, especially those being managed by leading operators with decades of experience. The controlling Ghermezian family is known for its charm and success at blending shopping with theme parks, aquariums and other forms of entertainment . . . .

. . . a Triple Five spokesperson declined last week to comment on the Mall of America debt but acknowledged that the company is facing “financial challenges due to Covid-19.”

Mall of America, one of the country’s largest with 3 million square feet, was temporarily closed in mid-March, and some tenants have withheld rents because of the mandated closures. It was to reopen on June 1, but the Memorial Day killing of George Floyd while in Minneapolis police custody and the ensuing protests pushed the date to June 10.

As for the American Dream, the enclosed 3-million square foot mall development was already a challenge for Triple Five in the years leading up to the pandemic . . . . [and it] announced that it would close on March 16 because of the pandemic.

Since then there has been more pain. Vitamin seller GNC Holdings Inc. filed for bankruptcy last month, announcing up to 1,200 store closures including one in American Dream. Last month, American Dream sued a Korean restaurant owner for breach of contract, alleging that the tenant had refused to construct and open its premises according to the lease.

. . . Starwood Property Trust, one of the [mall's] construction loan creditors, declined to comment . . . .
https://www.wsj.com/articles/triple-...ff-11594728002

One wonders who's going to provide construction financing for a new project to this company. I wouldn't put a lot of faith in any timing right now. It surely depends on the cvirus and the economy, both of which are almost unknowables even 12 months from now. Sounds to me like this announcement is mostly PR (and maybe an attempt to get the governments involved to move on the infrastructure improvements which have to be finished before the mall is).
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  #65  
Old Posted Aug 3, 2020, 5:07 PM
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They're going to try for a 2021 start. Newsflash for the new folks...developers try for start dates and fail all the time.
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  #66  
Old Posted Aug 4, 2020, 12:13 AM
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omg so this appears to have a crack at happening. a huge mall. retail. in this environment. now that is optimistic.

good luck to them and be sure not to peek at the new ny metro malls with the dream mall in nj and the hudson yards -- or they might get cold feet!
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  #67  
Old Posted Aug 4, 2020, 4:38 PM
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Please let this die!
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  #68  
Old Posted Aug 4, 2020, 10:03 PM
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Yikes, this looks like West Edmonton Mall 2.0! Florida is turning into a state sized suburb.... and that's not a good thing.
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  #69  
Old Posted Aug 5, 2020, 1:10 AM
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The developer is in serious financial trouble. Mortgage payments on their other malls are being missed, and they were already pledged them as collateral for a construction loan.

This developer has bankruptcy in its future.
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  #70  
Old Posted Aug 5, 2020, 5:53 AM
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Buildings and projects are owned by LLCs, which compartmentalize everything away. The problems of one project don't necessarily affect others.

But they still lose some skin when any LLC goes bust. Plus the company sounds like a bad bet, and a big retail center certainly sounded like a very questionable bet even in 2019.

Before any major retail gets built, we'll need to see how the wave of store bankruptcies goes, whether people return en masse to onsite retailing vs. the recent online shifts, and so on. Maybe this one has some special oomph if it can capture international shoppers but that sounds sketchy too.
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  #71  
Old Posted Aug 5, 2020, 1:34 PM
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Originally Posted by mhays View Post
Maybe this one has some special oomph if it can capture international shoppers but that sounds sketchy too.

The thing is we already have shopping malls in the metro that attract international shoppers like Sawgrass Mall, Aventura Mall, and the more expensive Bal Harbour Shops. A retail mall is not needed in the area.

However, South Florida hasn't had an amusement park since the closing of Six Flags Atlantis in the 90s after Hurricane Andrew. That aspect could be a success.
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  #72  
Old Posted Aug 5, 2020, 1:46 PM
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Originally Posted by UrbanImpact View Post
The thing is we already have shopping malls in the metro that attract international shoppers like Sawgrass Mall, Aventura Mall, and the more expensive Bal Harbour Shops. A retail mall is not needed in the area.

However, South Florida hasn't had an amusement park since the closing of Six Flags Atlantis in the 90s after Hurricane Andrew. That aspect could be a success.
Right, this is what I was thinking as far as the retail outlets which attract a lot of international shoppers (South Americans, in particular it seems). And malls like Sawgrass and Aventura are really big malls as it is. But I guess the developers must see potential for more retail when coupled with a big and new attraction, like an amusement park, like you say.
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  #73  
Old Posted Aug 29, 2020, 10:44 PM
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^^^ I agree. And Miami has the grid and potential to do so. It’s all about vision though. If the city planners don’t have vision, even with the recent city zoning plan, the same old same old sprawl will continue.
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  #74  
Old Posted Aug 31, 2020, 1:18 PM
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Originally Posted by doglover99 View Post
Malls are the bane of society and have ruined America. Florida should have focused on remaking downtown Miami into a tropical paradise city with character- it has some nice old buildings but its run down and unappealing to most people because the retail looks like shit and the streets look developing world in some areas downtown.
When were you last in Miami? Brickell City Centre is actually one of the few inspiring shopping malls in this country. Miami Avenue is where the retail and street life resides now, not the historical downtown...although that will change soon. Unfortunately, the historical core is owned by one man whose been hoarding his real estate portfolio.

Brickell:
https://goo.gl/maps/9mpXEEWzao3MMAqj7

https://goo.gl/maps/tePgCDdqV2TNB8wq6

Design District:
https://goo.gl/maps/M9hrDXpTdtSoLQmB6

Miami World Center should be changing the retail game in the traditional downtown area. It will be around this area: https://goo.gl/maps/4UT1qbxdiS9Unjnp7


Also, I think calling Miami's historic district "3rd world" is a little dramatic as it looks nothing of the sorts.
https://goo.gl/maps/tQqNK5Q1q2qLTKaXA
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  #75  
Old Posted Sep 1, 2020, 1:53 AM
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There aren’t enough stores to fill this mall, unless they go the luxury route but that’s not likely. Hermes isn’t gonna set up anywhere, especially next to a water park, and especially when it can set up in a number of well-heeled areas in Miami.

A lot of the branded stores that usually anchor malls are teetering on bankruptcy or have already done so. Neiman Marcus, J.Crew, JC Penney, Forever 21, probably A&F soon. Macy’s was close. Who knows what’s going on with Barnes and Noble. Maybe a Wetzels Pretzels and Mrs. Fields is worth having? Those two stores will survive in a nuclear Holocaust.

I suspect malls in urban California do well because of the Asian population, in addition to the luxury market. There’s always a new Taiwanese boba place or a ramen franchise or a cloud pancake trend which will attract lines out the door. They can draw retailers internationally, even if our own are being killed off by Amazon.
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  #76  
Old Posted Sep 1, 2020, 4:32 PM
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^ for how long though? i mean no doubt amazon has their sights set on the world too. ha.
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