Plans Unveiled for $1 Billion Redevelopment of 80-Acre Southland Mall Site in Miami-Dade County
The reinvention of the Southland Mall into “Southplace City Center,” a vibrant, mixed-use transit-oriented community with live-work-play options, promises much-needed relief for a city suffering from a major housing shortage
MIAMI (September 20, 2022) – Electra America, a real estate private equity firm focused on value-add and opportunistic investment in the Sun Belt region of the U.S., along with its U.S.-affiliate, American Landmark, and BH Group, a Miami-based private real estate investment and development firm, today unveiled preliminary plans for the redevelopment and reinvention of the Southland Mall in Cutler Bay, located approximately 20 miles south of downtown Miami. The 80-acre, $1 billion redevelopment will be one of the largest projects of its kind in the Southeast and will be called “Southplace City Center.”
The new ownership team envisions a “city within a city” for living, working, shopping, and playing that will feature more than 4,000 residential units, over 500,000 square feet of curated retail, and exciting dining and entertaining venues at the existing mall, with an additional 150,000 square feet of prime retail space and outparcels for food and beverage operators. The phased redevelopment project will be a charming, self-contained community with abundant green space, bike and golf cart trails, walking trails, a trolley system, and easy access to public transit – specifically, the soon-to-open Miami-Dade SMART Plan mass transit route adjacent to the property.
The total project, to be completed over a seven-year time frame, is expected to create approximately 2,700 new jobs and generate $44 million in property taxes ad valorem revenue in the first five years ($6.1 million to Cutler Bay), and up to $491 million ($75.2 million to Cutler Bay) over a 20-year period. The developer’s plan is in accordance with the Town’s code and will not be seeking any special approvals.
“We’re delighted to work with the Town of Cutler Bay and its residents to breathe new life into a property that has been underutilized for decades, and in so doing, create thousands of new jobs, as well as help alleviate the housing crunch facing many Miami-Dade residents today,” said Ron Gaither, Chief Development Officer of Electra America. “Southplace City Center will provide a wide range of market-rate housing options, and its location close to major thoroughfares and mass transit, yet away from residential communities, minimizes traffic and facilitates the use of public transportation – two key priorities for this community. We’re looking forward to continuing working with the community to ensure this project reflects the values and character of Cutler Bay."
“The future of this site is one that our residents deeply care about,” expressed Town of Cutler Bay Mayor Tim Meerbott. “Ensuring that this project aligns with our community’s vision and has a proper mix of use is extremely important to the Town Council and me. The site is ready for change and this project will check so many boxes on our community’s wish list—thousands of jobs, more restaurants, entertainment, and a fresh look, to name a few. We look forward to working with Electra America and BH Group to bring this important project to life, while keeping it consistent with the character of our beautiful Cutler Bay.”
The development team acquired the mall and adjacent parcels totaling 80 acres in May of this year. 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 corridor will provide a 20-mile mobility connection between Miami’s central business district and the County’s southern-most communities.
Specifically, the developer’s master plan calls for updating the existing 808,766-square-foot mall with cosmetic improvements and the addition of several new high-quality retailers; the phased development of 4,395 new market-rate apartments catering to a full spectrum of household budgets; the addition of several new retail and restaurant concepts, situated around a series of man-made lakes and open spaces; a new specialty grocer, a 150-key hotel, and 60,000 square feet of medical office space; and a terraced community amphitheater/bandshell. The plan also calls for a new vehicular entrance directly off U.S. 1, featuring a welcoming entrance square with a large fountain and extensive green space, along with a pedestrian bridge connecting the community to the new bus rapid transit stop. The entire community will feature bike and golf cart paths, pedestrian walking trails, and trolley stops to minimize the use of cars.
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.
The project design team for Southplace City Center includes economic advisors Florida Economic Advisors, retail consultants CPH, master planner/designer MSA Architects Inc., landscape planner Insite Studio and civil/traffic engineer Kimley Horn.
About Electra America
Electra America is a real estate private equity firm focused on value-add and opportunistic investments in the U.S. Sunbelt markets. With initial capital commitments totaling approximately $2.5 billion across multiple funds managed by the firm and its affiliates, Electra America’s portfolio encompasses more than $6 billion in commercial real estate property holdings and debt in the multifamily, hospitality and single-family rental home sectors. Leveraging decades of expertise, Electra America is committed to transparency, the alignment of interests between sponsors and investors, and delivering superior risk-adjusted returns to its investors and partners. Electra America is a partnership between The Lubeck Family and a subsidiary of Electra Real Estate Ltd., an Israeli company founded in 1972 and publicly traded on the Tel Aviv stock exchange (TLV: ELCRE). For more information, visit www.electramerica.com.
About BH Group
BH Group is a Miami-based real estate development firm focused on the ground-up development of luxury projects throughout South Florida. BH has extensive experience in taking a project from acquisition through opening; specifically overseeing all phases of development and asset management. Generating an unprecedented response from a broad range of local, national, and international buyers.
The stellar team at BH Group brings complimentary skills to the real estate market including acquisitions, construction, design, capital structuring and asset management. 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. Finally, BH Group will continue to succeed by nurturing its strong relationships in the real estate market.
About American Landmark Apartments
American Landmark Apartments is one of the fastest-growing multifamily owner-operators in the United States and ranks No. 35 on the National Multifamily Housing Council list of the top apartment owners in the country with approximately 34,000 apartment units in its portfolio. 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. 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. For more information, please visit www.alapts.com.
