"Mr. Belk's commitment to the property, the extensive renovations completed in 2005 restoring Southland Mall to its prominent position as the flagship of retail businesses in Whitehaven and unique business strategies have placed Southland Mall on the road to continued success.". Steve & Barry's moved into the former The Good Guys! More Details. The Whitehaven mainstay was bought in a March 31 substitute trustee . For more information, visitwww.electramerica.com. With an endowment from The Azarius Fund? Minneapolis gained 50k people in the past decade and all neighborhoods in Minneapolis continue to increase in population. Why hasnt he made it a priority to get federal funds down here for transportation? Centennial scooped up the mall at 1675 West 49th Street by assuming. Miami got the sun, sand and the beach. Not enough people are riding the bus and that is the excuse the city will make to not expand metro rail. On Aug. 26, the 40 Years Walk/Stroll began at 8 a.m. and showed appreciation to Southland Mall's faithful mall walkers by giving free T-shirts and Coke products. sales, mortgages, financials, title documents and more. Actually, you wont Shawn. We would go to that mall a lot in my childhood years. BH Group is a Miami-based real estate development firm focused on the ground-up development of luxury projects throughout South Florida. The auction was scheduled after the court ruling was handed down. On Aug. 24, the Heart and Soul program showcased neo-soul, reggae singers and spoken-word poets. Now public records are giving a little more information about the buyer. 220,115 square feet (20,449.4 m 2) No. Truly the mall desperately needs renovation, & proposed plan would satisfy housing for many people. 510-266-6640. Thats what the half-cent sales tax raise was for, and it sunsets for that cause in two years. 106. And todays most quickly growing access control solution leverages what almost everyone today keeps with them at all times: their smartphones. There is also a vacant anchors left by Sears and Dick's Sporting Goods, which prior to Dick's was Kohl's, and way before Mervyn's. 2023 CBS Broadcasting Inc. All Rights Reserved. With three groups, ranging from little ones to teenagers, they entertained the crowd with their routine. CommercialEdge: Wd dont want anh more peopke and traffic. Subscribe to our free newsletter. Electra America and BH Group paid just over $100 million for the property. In 2015, Sears Holdings spun off 235 of its properties, including the Sears at Southland Mall, into Seritage Growth Properties.[12]. "We walk for our health, we are a family who looks out for each other.". This is not a step Priorities. Our news is free and we intend to keep it that way. Learn how and when to remove this template message, "Total Sears and Kmart Store Count Going Down to Just 95", San Antonio Shopping Center, Mountain View, https://en.wikipedia.org/w/index.php?title=Southland_Mall_(Hayward,_California)&oldid=1115000976, Buildings and structures in Hayward, California, Shopping malls in the San Francisco Bay Area, Shopping malls in Alameda County, California, Short description is different from Wikidata, Articles lacking in-text citations from November 2013, Infobox mapframe without OSM relation ID on Wikidata, Creative Commons Attribution-ShareAlike License 3.0, 1 with partial lower level (2 in anchors), This page was last edited on 9 October 2022, at 09:52. 6796 SW 62nd AvenueSouth Miami, Florida 33143(305)669-7030, Miami Community Newspaper Sponsored Content, Latin Builders Association Community News. The mall opens at noon on Sunday and closes by 6 pm. Investcorp engaged Gumberg Asset Management Corp in Fort Lauderdale to handle the day-to-day management and leasing of Southland Mall.[11]. The 976,889-square-foot Southland Mall was seized by a commercial mortgage-backed securities (CMBS) trust in February 2021 over a $68.7 million foreclosure judgment. Details: Southland Mall, Memphis' first enclosed mall when it opened 50 years ago, has sold for $4.3 million in foreclosure. In 2017, The Galleria at Pittsburgh Mills Mall sold for $100at auction in a similar credit bid situation. Jordan Marsh became an auxiliary Burdines store for a short time, but after the mall was damaged by the hurricane, Burdines consolidated to the former Jordan Marsh. So there is no ridership.but WE NEED a $100 gazillion metrorail expansion. More Details. The mall had been owned by a subsidiary of Investcorp, a global firm with headquarters in Bahrain and $35B in assets under. Isnt it like any other public service tho? The privileged elite in the Northeast corridor of the county may say it, however. But its time has passed, and its time for something to meet todays needs. The mall also features a movie theater, LA Fitness, DSW Shoe Warehouse, Victoria's Secret, Old Navy, TJ Maxx, Buffalo Wild Wings, and Ulta. They are adding it to the joint Devin Greaney-Writer //--> The mall was largely destroyedby Hurricane Andrew in 1992 and rebuilt the following year. Southland Mall, originally known as Cutler Ridge Mall, is a shopping mall in Cutler Bay (formerly Cutler Ridge), Florida. The new owners are planning for a mixed-use redevelopment of the 80-acre site with commercial and residential components. "It's an embarrassment here, it's dilapidated," said longtime Cutler Bay resident Dahlia Canes as she walked around Southland Mall. ", http://www.commercialappeal.com/mca/my_life/article/0,2846,MCA_25356_4981717,00.html. [2], Most of Southland was developed in the early 1960s. Southland Mall was dedicated in 1964, added to the previously existing Sears. Success! It's already hard to afford.". We're not asking for your money. Were looking forward to continuing working with the community to ensure this project reflects the values and character of Cutler Bay. The property sits across from a new stop on the South Corridor Bus Rapid Transit project, which is currently under construction and slated to open early next year. "Southland Mall has the lowest crime rate compared to the other malls in Memphis, according to the Memphis Police Department. How is this good news? The mall also features a movie theater, LA Fitness, DSW Shoe Warehouse, Victoria's Secret, Old Navy, TJ Maxx, Buffalo Wild Wings, and Ulta. "So, we develop a division which would be amenable with our town a mix-used environment that will bring all the things that we can use restaurants, entertainment, jobs something that's very vital in every community," added Meerbott. And better is what town officials say they are working towards. Lucky's closed its doors on August 2, 2008. Politicians did not have to guts to tell taxpayers the ugly truththat the mass expansion they touted would take around a 1.5 2 cent sales tax increase. The appreciation ceremony concluded with Belk and family members releasing 40 balloons into the air to symbolize 40 years of history. Not gonna happen. Southland Mall Management Office (305) 235-8880 ext. The program concluded with Cheryl Jefferson's name being drawn for an island trip for two provided by Soul Classic 103.5 FM and Power 99. The site is conveniently bordered by the Florida Turnpike on the east and U.S. 1 on the west, placing it on major commercial crossroads in suburban Miami-Dade County, directly along the new South Corridor Rapid Transit Project, expected to open in late 2024. The connection hasnt been madeand Im curiouswhat does Minneapolis have to do with greater Miami? "It's great that Southland Mall supports the community providing a safe place to walk," said Gwen Nelson, an eight-year Southland Mall walker. The new, fully enclosed mall included a Woolworth and JCPenney. ;(. The Southlands mall, which opened in 2005, was recently sold for $ 141 million. I did too. As part of our marketing strategy, the town has developed a promotional video which highlights the Vision, Zoning and Federal Opportunity Zone designation., The video may be viewed at Abandoned Baton Rouge. Zell . Electra America and BH Group recently announced they have purchased the former Sears building on the Mall's site. Our zoning is very favorable to development which can include high density mixed use type of development. Cutler Bay, FL 33189, Phone:(305) 234-4262 Are you saying that Minneapolis real estate is affordable because people have been leaving the city for decades? Based in Tampa, Florida, American Landmark specializes in the acquisition and management of value-added multifamily properties located in high-growth markets throughout the Sunbelt, including Arizona, Georgia, Florida, North Carolina, South Carolina, Tennessee and Texas. "Southland Mall has experienced a rebirth since Mr. Belk purchased the mall in 2004," said Michael Rixter, general manager of the mall. It works seamlessly. Copyright 2023 ALM Global, LLC. Yeah in about another 10 years. The city of Southfield has sold the historic Northland Center. AC. Even in 2018 dollars, that would be approx $1.74 billion to extend Metrorail from Dadeland South to Southland Mall, figure over $2 billion today and far more in a few more years. Southland Mall at 1215 E. Shelby Drive has sold for $20 million to a New York-based investor. Look at Minneapolis. South Dade's Southland Mall has been sold, and the new owners are said to be planning thousands of new residential units, according to the SFBJ. How? It seems likely at this point, based on announced intentions, that most existing stores and restaurants will remain, with new features being added to surrounding areas of the mall property. Language links are at the top of the page across from the title. But officials of the Town of Cutler Bay say they were prepared for the possibility and had begun making arrangements for the likely outcome, since area residents who shop and go to movies there and the many hundreds of people employed there could be impacted. 2023 Miami's Community Newspapers a Miller Publishing Company. CUTLER BAY (CBSMiami) Southland Mall in Cutler Bay will soon be transformed into a multimillion-dollar mixed-use development with homes, restaurants and retails shops. However, with more units being built in t he area that should help speed thigns up, thats because nobody wants to ride the crappy bus; and those super rich folks in Coral Gables dont ride the metrorail; the whole thing doesnt make sense. Fun Minneapolis facts: At zip code level, there are 11 commercial properties, of which 9 are retail buildings over 50,000 square feet. Hopefully at least some new asphalt and some really spiffy 21 st. century benches. Not at the federal level (most important) and surely not at the county level. Southland Mall is a shopping mall in Hayward, California owned and managed by Brookfield Properties.The mall is anchored by JCPenney, and Macy's (formerly Liberty House).There is also a vacant anchors left by Sears and Dick's Sporting Goods, which prior to Dick's was Kohl's, and way before Mervyn's.The mall is primarily a single-level structure, with a small lower level beneath JCPenney, a . Southland Mall, which opened its doors to the community in 1966 as the first enclosed mall in Memphis, celebrated its 40th anniversary last month. Southland Mall, the 986,100-square-foot indoor mall at 20505 S. Dixie Highway in Cutler Bay, is the first major shopping center to be foreclosed due to the coronavirus outbreak. The store closed on February 14, 2020.[13]. All Rights Reserved. Southland Mall features JCPenney and Macy's as its anchor stores. Ground Level, near Dick's Sporting Goods. Find property characteristics, ownership, tenant details, local market insights and more. In 2004, Southland Mall Properties paid $46 million for the retail site, according to records. For more information, please visit www.alapts.com. Apparently many commentators here are unaware of Miamis current public transportation crisis that is set to become a complete catastrophe in the near future. Finally, BH Group will continue to succeed by nurturing its strong relationships in the real estate market. Past mayor Gimnez now represents us at a federal level. Ground-breaking on the first residential building is expected in mid-2023 and would deliver in approximately 18 months (early 2025), with rents starting at $2,500. It acquired the license for Mudd apparel in 2000 and Buster Brown in 2003. The Children's Place. Southland Mall is located at 20505 South Dixie Hwy in the Cutler Ridge Center neighborhood, Cutler Bay, FL 33189. features a total of 683,488 SF. Rixter did not want to comment on the new buyer, and Cayre was not immediately available for comment. Download this report and discover how CRE organizations are driving process efficiencies, sustainability and security for spaces, buildings and lives. *May exclude premium content I think its not dense enough to support metro rail and frankly would be too far for a convenient commute but its the perfect distance for commuter trains. Subsequent additions extended the mall in the early to mid-1980s. Exclusive discounts on ALM and GlobeSt events. Max W. Campbell was a big man. They are construction BRT which is comparable to the metro rail. They really need to extend that metro rail, traffic south of the metro is a nightmare but the new housing units is a good start. MEMPHIS, Tenn. Project developments at Southland Mall have moved off the drawing board and toward reality with a storage facility set to open in July in the space formally occupied by Sears.. We need you to be cool with us holding onto your email address (if we already have it) and for us to email you about commercial real estate news and events. BH has extensive experience in taking a project from acquisition through opening; specifically overseeing all phases of development and asset management. 10720 Caribbean Boulevard When Cutler Ridge Mall reopened the following year, none of the original Cutler Ridge Shopping Center (except Sears) remained standing. The corridor will provide a 20-mile mobility connection between Miamis central business district and the Countys southern-most communities. Enter your email below. Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. Sears is closing stores nationwide. The population in the state of Minnesota is about five 5.8 million people. Minnesota is cold. Instead, former Mi Dade county mayor brokered sweetheart deals with buses. Southland Mall's occupancy rate is 74 percent not including the Sears and Macy's stores, Rixter said, adding that with the anchors, the occupancy is at 90 percent. It opened in 1978[3] as an extension of the Cutler Ridge Shopping Center, which itself was opened in 1960 (shortly after its "grand reopening", Cutler Ridge Mall moniker was subsequently applied to the entire shopping center complex). "Cutler Bay is the geographic center of the county yet there's very little opportunity here for jobs, very little opportunity here for entertainment, and this could be the spark that changes everything," added Meerbott. Your article was successfully shared with the contacts you provided. [4] Lord & Taylor closed in 1990 and became Mervyns in 1991. But, Just Do It anyhow right? The mall is primarily a single-level structure, with a small lower level beneath JCPenney, a movie theater, and free standing restaurants in the outlying parking areas. It was built in 1966, becoming the first enclosed mall in the Mid-South. (which had been the ice rink). Akin to Los Angeles, Miami *used* to have a light rail network that was ripped out in favor of automotive transportbig mistake. "We have worked hard over the last two years and plan to continue to work hard to ensure Southland Mall has 40 more great years," Belk said. "There isn't as many people as other mall so hopefully the new management it will get better," said Carlos Salas. The development team acquired the mall and adjacent parcels totaling 80 acres in May of this year. In addition, Robert Cayre signed as vice president for Southland Mall Shopping Center LLC. The peak population of Minneapolis was in 1950, when its population was 521,718. On November 7, 2019, it was announced that Sears would be closing this location a part of a plan to close 96 stores nationwide. American Landmark is committed to delivering great service and outstanding living environments to residents and delivering consistent, attractive risk-adjusted returns to investors and partners. Existing zoning allows 15 floors and 720 apartments, according to the Herald. What is more important , what will the People get for the tidy sum of $ 368 million. Southland Center is the only regional mall in the Detroit suburbs south of I-94, near the I-75,. Security is no exception. Floodplain Mitigation Plan Advisory Committee, Invasive Exotic Plant Species in Cutler Bay. Mobile Access Management: Finding a Home in Commercial Facilities. I just hate to see it go it was such a big part of my childhood and my cousins childhood. In January 2007, Mimi's Cafe opened. Southland closed in 1985 and underwent an extensive remodel that left it unrecognizable, reopening as an indoor mall with a new name: Promenade. There are 2 retail spaces for lease in the Cutler Bay city, totaling 6,000 SF of available retail space. Some people may have been surprised when it was announced on various real estate news websites that Cutler Bays Southland Mall, 20505 S. Dixie Hwy., had been seized by Wells Fargo Bank, representing a commercial mortgage-backed securities trust, as the result of a foreclosure auction on Feb. 10. Unlock in-depth property data and market insights by signing up to Phar-Mor was torn down for a Kmart. Southland Mall, at 20503 S. Dixie Highway, totals 976,889 square feet. Existing zoning allows 15 floors and 720 apartments, according to the Herald. Town of Cutler Bay By Brian Bandell - Real Estate Editor, South Florida Business Journal May 2, 2022 Updated May 2,. google_ad_width = 125; Minneapolis has been gaining population for the past 15 years. People have been leaving Minneapolis in droves since two weeks from today, two years ago. Download this white paper and learn how to keep commercial buildings current with mobile access technology. Delivery. www .southlandmallmemphis .com. The town is very excited of the endless development opportunities surrounding the Southland Mall area, Casals said. We need you to be ok with our use of information like your general location or reading habits to personalize your experience, so we can suggest the right stories to read or events for you to attend. Downtown Miami Development Site Trades for $1.2B, EDEN, Dermot Plan Downtown Miami Luxury Apartment, ZOM Living Sells Mezzo Dallas Multifamily Development, Unlimited access to GlobeSt and other free ALM publications, Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications, 1 free article* every 30 days across the ALM subscription network, Exclusive discounts on ALM events and publications. A limited liability company named Southland Mall Shopping Center LLC last month bought the property from Memphis Joint Venture, financing the purchase with a $17 million loan through Wachovia Bank. It will be open next year. Visit today! The population in the state of Florida is about 22.3 million people or more. According to town officials, the mall, which was in bankruptcy, was recently sold for more than $100 million and the new owners have agreed to work with the town to transform the more than 80-acre property. Its really easy to research. Have not seen this latest version of the BRT, but can not help but wonder how different it will be from the original one ,which came on line in 1997 , that is about 25 years ago , give or take. This was literally purchased last week, I love how people think this is going to make Florida better. Download this white paper and dive into location intelligence data to see which 10 retail brands are dominating their local market and making a mark on their region -- and beyond. More commuters on our already over crowed roadways, and more traffic clogging construction work that dont result in any improvements when the orange cones are finally, if ever, removed. It is managed and owned by Namdar Realty Group. As the coronavirus pandemic was bearing down and tenants struggled, Investcorp decided to let the property go,The Real Deal reported last year. You may login with either your assigned username or your e-mail address. 1. There would be a tax increase in some form to pay for it. Get browser notifications for breaking news, live events, and exclusive reporting. Others have shifted their presence to focus on ecommerce. "Southland Mall's 40th anniversary was truly an occasion to remember, bringing the community together to celebrate its history and its continued success," Rixter said. Fax:(305) 234-4251. 2 that long-troubled Southland Mall had been sold to a team of two companies private equity investor Electra America and developer BH Group for $100.35 million.. In addition to its core competencies, the BH team brings a vitality and spirit to the business that is most often found in driven entrepreneurs who come from challenging business environments abroad. "You have to worry about what's gonna happen when a mall is struggling, so we decided to come up with a vision for this area rather than leave it at the hands of the developer on their own," said Tim Meerbott, the mayor of Cutler Bay. Carry Out. "The mall has been decaying quite a bit, as you can see in the background it needs a major facelift to say the least," added Canes. The partners are planning a major mixed-use redevelopment of the site, including modernizing and repositioning the mall and building a residential development on the remaining land. Investcorp's $65M commercial mortgage-backed securities loan, issued in 2014, went into special servicing in April 2020. The lack of interest in the once bustling mall previously owned by. It did not include anchors Sears or Macy's, but did include IHOP and First Tennessee Bank on outparcels, said Michael Rixter, general manager of the mall. 1,018 were here. Nine bays . We will email you a link to reset your password. The property last traded for $46 million in 2004. The development team acquired the mall and adjacent parcels totaling 80 acres in May of this year. More Details. That mall subsequentlysold for $11.3Min 2018. Built in 1966, the property includes the 291,000-square-foot middle portion of the mall but not the part home to Sears or. All Rights Reserved. CommercialEdge. [9] Also, the Dillard's store closed and was torn down in 2004 for Regal Cinemas in 2005, and this was also likewise done at Pompano Citi Centre where the Dillard's was also demolished.
13 mai 2023