Electra America and BH Group Launches Ambitious Cutler Bay Development Project

Electra America and BH Group are set to transform Cutler Bay's Southland Mall into a vibrant mixed-use development, introducing housing, retail, and more.

Electra America, in collaboration with BH Group, is gearing up to launch the first phase of an ambitious mixed-use development in Cutler Bay, fueled by a $125 million predevelopment loan secured from Tyko Capital, a firm based in New York.

Joe Lubeck, CEO of American Landmark, Electra’s parent company, confirmed this exciting financial backing.

Project Overview

The project will kick off with a major overhaul of the 105-acre Southland Mall site.

Developers have plans to create a vibrant community hub featuring 4,395 residential units, a 150-room hotel, 60,000 square feet of medical office space, and 150,000 square feet dedicated to retail shops, not to mention a community amphitheater for local events.

Isaac and Liat Toledano from BH Group are leading this venture and have announced that renovations and infrastructure improvements are expected to commence early next year.

Initial Phase and Collaborations

In 2022, the local government gave a green light to a detailed site plan for this first phase, which encompasses an eight-story building containing 470 apartments, along with 14,000 square feet for retail businesses and ample parking facilities.

Notably, this initial phase will take the place of a large retail space currently occupied by Ross Dress for Less, which will be relocating within the mall.

The partnership between Electra and BH Group began last year with their acquisition of Southland Mall for $100.3 million.

They purchased the property from a lender who had taken control through foreclosure, and they also added a closed Sears store to their portfolio for $34 million, acquiring it from Seritage Growth Properties.

Broader Trends in South Florida

This development aligns with a broader trend among developers in South Florida, who are increasingly looking to integrate residential spaces into existing indoor malls.

For example, Doral-based Easton Group invested $17.1 million in a vacant Sears store at Miami International Mall, planning to transform the site into a mixed-use complex with 450 to 500 apartments.

Easton Group has another significant retail property at the same mall, currently leased to JCPenney, although they have no plans to redevelop that particular location, as the main mall operations are overseen by Simon Property Group.

In Hialeah, another noteworthy project is underway.

Centennial, a Dallas-based firm, has teamed up with Codina Partners from Coral Gables to create a mixed-use development at Westland Mall.

Their plans include 815 residential units, 15 townhomes, structured parking, an amenity center, and a public plaza.

This partnership acquired a closed Sears store, along with additional land and parking areas, for $16.5 million from Seritage Growth Properties.

Overall, these endeavors signify an evolving landscape for shopping malls in South Florida, where developers are creatively reimagining these spaces to serve as multifaceted communities.

Source: Therealdeal.com