Infrastructure-related negotiations still have Miami’s American Dream Miami mega-mall on the drawing board according to CNR. Despite having final construction plans approved by the county in 2018; the $4 billion dollar project has not broken ground due to a restriction placed by the County Commission.
The American Dream Miami project sets itself up to be the talk of the town, from an artificial ski slope, indoors ice-skating rink, submarine lake, and theme park. Developers aim to transform the mall into a top destination for families and young adults.
Location: Dubbed by locals as “Alligator Mall, the mall would be built on 175 acres of undeveloped land in Northwest Miami-Dade where Interstate 75 meets Florida’s Turnpike (Just before Everglades National Park).
Developers: Triple Five Worldwide Group whose most famous for developing Mall of America in Minnesota and American Dream Meadowlands in New Jersey. Their developments typically involve large, mixed-use properties that include retail spaces, entertainment venues, and residential components.
Delayed construction: The main cause for delays is due to zoning issues, particularly related to its massive size and scope. Some local residents and environmental groups raised concerns about the impact on traffic. However, there have been discussions amongst officials to also expand the turnpike; allowing for more traffic to pass through. Additionally, there were delays related to the COVID-19 pandemic disrupted supply chains.
However, what can we expect from neighborhoods in this area in the foreseeable future?
Inna Petrova, Real Estate Agent at Brosda & Bentley commented on the news saying,
“Historically, the introduction of large scale retail developments has led to appreciable increases in nearby property values. The construction and operation of expansive malls generate substantial employment opportunities, stimulating the local economy”.
Historical Trends and Data
- Retail Real Estate Resilience: Despite challenges posed by the rise of e-commerce, certain segments of the retail real estate market have demonstrated resilience. According to a 2024 report by JLL, retail net absorption increased by 75.4% quarter-over-quarter to 7.7 million square feet, indicating robust demand for retail space.
- Consumer Spending Growth: Consumer spending has shown consistent growth over the past decade. CBRE reports that from 2010 to 2020, retail sales grew by 42%, while retail supply increased by only 4%, highlighting a strong demand for retail spaces.
- Mixed-Use Development Success: The trend towards mixed-use developments, which combine retail, residential, and entertainment spaces, has gained traction. Such developments have been successful in creating vibrant communities and driving real estate value.
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