Want a submarine ride with your retail therapy? Or skiing perhaps?
A The $4B bet to build the largest shopping center in America, even as mall vacanciesA climb to a 6-year high.
AMERICAN DREAM MALL
- 2 times the size of current largest mall, King of Prussia in PA.
- Developer estimates 30M people will visit/year –A that’s 10M less than Mall of America.
- Critics warn on traffic, pollution & mall saturation in the area.
- Estimated to open by 2022, but permits, financing & infrastructure still needed.
“We’re not building a mega-mall. We’re not in the mall business.”
Don Ghermezian, project developer
- 3.5M sq ft of retail space & 1.5M sq ft for entertainment.
- Dreamwork-themed water park, ferris wheel, & Legoland mini theme park.
- Possible indoor ski slope, lake with submarine rides, roller coaster, aquarium & permanent Cirque du Soleil show.
Online Shopping Weighs
- Malls are emptiest they’ve been since 2012 (after the recession).
- Bon Ton, Sears, JC Penney & Toys R Us close up shop.
- Perspective:A For every person in the U.S., there is 24 sq ft of retail space. (vs. Canada 16 sq ft, Australia 11 sq ft & U.K. 5 sq ft)
Mall of America was the first of its kind when it opened back in 1992. This new Miami complex isn’t the only “destination mall” in the works. Click to see where one is opening next year & how it will compare to Miami.
- Florida Officials Approve Plan to Build Largest U.S. MallA
Residents, other mall owners raise concerns about traffic, environmental impact and possible subsidies
https://www.wsj.com/articles/ florida-officials-approve- plan-to-build-largest-u-s- mall-1529406001
- American Dream Miami mega-mall wins Miami-Dade approval vote:
- Malls Vacancies Hit Six-Year High as Online Shopping Takes a Toll
Toll is felt across all types of brick-and-mortar outlets in the U.S. as iconic retail names close stores
https://www.wsj.com/articles/m all-vacancy-rate-hits-six-year -high-1530588600
- Hey, Miami, we hear you’re getting an American Dream mega-mall, too. Good luck with that!
by Jenna Lee,