The Ghermezian family is still chasing the American Dream in Miami.
To the average person, it seems like the planned $4 billion, 6 million-square-foot entertainment and retail center in South Florida might never get built. It’s been seven years since Miami-Dade County commissioners approved a massive rezoning that paved the way for the project.
The project, which was supposed to be completed in 2022, hasn’t gotten off the ground. Francisco Alvarado looks at why and what’s next for the development in our latest issue.
The mall is facing legal challenges, and the developer says it needs the county to lift its ban on Triple Five securing subsidies that would help pay for road construction. The latter could be addressed by the county commission next month.
The project is pretty ambitious — Triple Five Group, led by cousins Paul and Don Ghermezian, plans to transform 175 acres sandwiched between two major highways in Miami-Dade into a water park, 3-D cinema multiplex, 2,000 hotel rooms and (I saved the best part for last) a 16-story indoor ski slope. It would be larger than the Ghermezians’ Mall of America in Bloomington, Minnesota, which is the biggest mall in the U.S.
It doesn’t seem like the Ghermezians are too concerned. Miami-Dade filed a lawsuit against the developer earlier this year, and Triple Five agreed to pay a $5 million penalty in four installments beginning next year. As part of the settlement, Triple Five now has until 2045 to complete the project — so 20 years from now.
Paul Ghermezian confirmed the company’s long-term strategy in an interview with The Real Deal earlier this year.
Plus, there’s the issue of… who else would build it?
Shlomo Chopp with Case Equity Partners said it’s either them, or Disney.
“Disney already has Orlando,” Chopp said.
What we’re thinking about: What would you like to see in the 2045 version of American Dream Miami? Send me a note at [email protected].
I’ll be moderating a panel at AvantiWay’s AI & Crypto Strategies for Real Estate Pros event on Sept. 9 in Key Biscayne. Promo code: TRDspecial for 40 percent off admission.
CLOSING TIME
Residential: Colombian businessman Jorge Mattos and his wife Patricia sold a single-family home at 68 La Gorce Circle in Miami Beach to a trust for $32.7 million — the highest per-square-foot land deal in the city.
Commercial: Bain Capital Real Estate, a Boston-based private equity firm, and 11North Partners, a New York-based retail investment company, paid $395 million in an all-cash deal for 10 open-air shopping centers. Five of those properties are in Broward and Palm Beach counties, three are in Kissimmee, one is in Tampa and another is in Charleston. The sellers were affiliates of Newark, N.J.y-based PGIM Real Estate.
— Research by Mary Diduch
NEW TO THE MARKET
Veterinarian Brian Butzer is looking to sell his equestrian estate in Boca Raton for $60 million. The 13,055-square-foot, 13-bedroom and six-and-a-half-bathroom property sits on a 20-acre lot at 19721 118th Trail South. It’s on the market with Browning Realty’s Leslie Emerson.
A thing we’ve learned
NASA astronauts traveled to space this week aboard a SpaceX rocket carrying seeds, which scientists hope will help trigger DNA changes that make them more resilient, according to the Miami Herald. Seeds for native Florida plants that were sent to space include the night-scented orchid, which grows only in hammocks and swamps.
Elsewhere in Florida
- South Florida python hunters are testing solar-powered, remote-controlled “robotic rabbits” that mimic marsh rabbits’ appearance, heat and scent to lure invasive Burmese pythons, ABC News reports. The robots alert officials, who send wranglers to capture and euthanize the snakes.
- A federal judge ordered the state halt construction at Florida’s “Alligator Alcatraz” immigration detention center for 14 days, siding with environmental groups who say the project threatens sensitive wetlands and endangered species, according to the New York Times.
Tampa’s oldest remaining public housing and the site of the historic Zion Cemetery will be demolished next month to make way for an $800 million mixed-income community. The redevelopment will include homes, shops, a community hub, walking trails and a memorial honoring the African American burial ground, the Tampa Bay Times reports.
