Mall of America owners to build even bigger mall in Florida
Mall of America, the largest mall in the US, will become the second largest in the country come 2020. The mall’s owners, Triple Five Group, intend to build a 225-acre shopping and entertainment destination in southeastern Florida currently going by the name of "American Dream Miami".
First reported in The Miami Herald in early March, the mall will feature shopping, dining, an indoor ski slope, a skating rink, an amusement park, a theater, and much more.
It is expected to cost $4 billion to build and create 25,000 construction jobs. Triple Five Group intends on hiring the same number of people after the mall is built. Triple Five Group said in a statement, "Similar to our other projects, we intend to capture the very best elements of West Edmonton Mall, Mall of America and American Dream. Like our other properties, American Dream – Miami will generate tens of thousands of jobs and have an annual economic impact for the State of Florida in the billions."
Triple Five closed on the purchase on 82 acres in northwest Miami-Dade County in April according to trade journals. The County sold land near the southwest corner of Interstate 75 and the Florida Turnpike for for $12.3 million to International Atlantic LLC, an affiliate of the Edmonton, Canada-based company. Triple Five negotiated a deal to fully fund the purchase of the land and pay $7.25 million to Miami-Dade County Public Schools for terminating its lease on part of the property.
Triple Five Group is a family-owned shopping mall owner and operator, hotel operator and real estate company based in Edmonton, Alberta, Canada. In addition to owning the Mall of America in Minneapolis-St. Paul, Triple Five owns West Edmonton Mall and the American Dream Meadowlands mall that will open at the Meadowlands Sports Complex in New Jersey next year. News of the "American Dream Miami" follows Fortune reporting that the Mall of America will be expanding and that it recently launched a multilingual website.
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