REAL ESTATE

Triple Five wants to build largest mall in the country on 200 acres in Miami-Dade

BY Marianne Wilson

New York — Triple Five Group, the company that owns and manages the nation’s largest shopping center, Mall of America in Bloomington, Minn., and the largest one in North America, West Edmonton Mall, Alberta (Canada), is looking to build its largest center yet. The company has proposed a sprawling mega-mall and entertainment destination near Miami Lakes in Northwest Miami-Dade County. As outlined in an article in the Miami Herald, the project would include a Legoland and an indoor ski slope.

Called American Dream Miami, the development seems to be modeled on Triple Five’s current East Coast project, the long-delayed and controversial American Dream (previously called Xanadu) complex, located in the Meadowlands Sports Complex, in Carlstadt, New Jersey.

Here are some highlights from the Miami Herald report (to read the full article, click here):

1. The project would occupy 200 acres, double Mall of America’s acreage. The projected cost: $4 billion.

2. Proposed entertainment attractions include a sea-lion show, an indoor ski slope with 800 feet of artificial powder, a lake with submarine rides, indoor gardens, a water park and a skating rink.

3. It would employ 25,000 workers during construction, and, upon completion, would need about as many employees to keep the center up and running.

4. The proposed development also includes hotels and condominiums.

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S.Alli says:
Dec-02-2016 12:48 pm

I would love to see an aquarium in this proposed mall in Florida. The aquariums in Florida are not that impressive. Especially the Miami aquarium. I've seen your work. I have been to the Mall of America and it's amazing! I took this time to create this fictitious account to fill this out to get this out there!

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REAL ESTATE

Juicy Couture plans global expansion

BY Marianne Wilson

New York — Juicy Couture, which was acquired by Authentic Brands Group in 2013, may no longer be a coveted brand in the United States, but it is still has great appeal in foreign markets. The company expects to open 133 stores (through its various licensing partners) during the next five years, according to Women's Wear Daily.

Juicy will open 31 international locations in eight countries this year, the report said. Three of the countries — India, South Africa and Azerbaijan — will be new market entries for the brand.

Currently, Juicy operates 199 freestanding stores overseas. In addition, it also operates outlet stores and shops-in-shop in select department stores across 60 countries, including the U.S.

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REAL ESTATE

Simon eyes Macerich for potential acquisition

BY Katherine Boccaccio

Indianapolis — Simon Property Group has put out feelers to acquire The Macerich Company, confirmed by a letter from Simon chairman and CEO David Simon to Arthur Coppola, chairman and CEO of Macerich.

Macerich has not responded to the offer, although the letter from Simon references prior discussions that include a proposal by Simon to acquire all of the outstanding stock of Macerich for $91.00 per share in cash and Simon shares. The total value of the proposed transaction is approximately $22.4 billion.

Simon added that it has reached an agreement in principle to sell selected Macerich assets to General Growth Properties in connection with the closing of the acquisition.

"We believe Simon's cash and stock offer would bring compelling value to shareholders of both companies,” said David Simon. “Macerich shareholders would receive a significant current cash premium as well as the long-term upside potential of an investment in Simon. … Macerich's assets represent a strong strategic and geographic fit for Simon, and we believe this is an attractive opportunity to create long-term value for Simon shareholders,” said Simon.

David Simon revealed that the two companies met last December and again in February to discuss the potential transaction but that “Macerich has thus far refused to engage in discussions with us regarding the merits of an acquisition by Simon.”

Simon's board of directors has unanimously endorsed the proposal.

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