America's Largest Mall Might Be Built in Miami Lakes

Apparently Miami has not reached peak shopping mall. Not by a long shot. Miami-Dade County Mayor Carlos Gimenez announced today that developers are planning to build the largest mall in America (possibly even the world) near the intersection of the Florida Turnpike and I-75 in Miami Lakes.

The project is being developed by the Triple Five Group, who is also behind the Mall of America in Minneapolis (the country's largest mall by number of stores) and the West Edmonton Mall in Alberta, Canada, which is the largest mall in North America.

Gimenez relayed the news to the Miami Herald, which claims the project will be spread out over 200 acres. In addition to shopping, the complex would include a Legoland theme park, a ski slope, a submarine ride, and other attractions.

Gimenez estimates that the mall's construction would create 25,000 jobs, and once built the mall would create 25,000 permanent jobs. Of course, mall jobs are not particularly well paying.

But is there that much room in Miami's booming retail market?

There are other planned projects. Brickell City Center will feature 500,000 square feet of high-end retail, including a new Saks Fifth Avenue. The Miami Worldcenter project in downtown includes 765,000 square feet of retail, along with a new Macy's and Bloomingdale's.

But apparently Miami's retail scene has room to grow. Retail vacancy rates are at an exceptionally low 3.8 percent and retail rents are going for an eye-popping $45.18 per square foot on average. That means retailers are definitely desperate to be in the Miami market.

Of course, most of that retail demand is being driven by foreign visitors.

By Kyle Munzenrieder Thu., Mar. 5 2015 at 2:57 PM

http://blogs.miaminewtimes.com/riptide/2015/03/plans_for_americas_largest_mall_in_miami_lakes_joins_list_of_growing_local.php