BH Group and Electra America have secured a $125 million construction loan from Tyko Capital for the redevelopment of Southland Mall in Cutler Bay. The property, which spans 95 acres at 20505 S. Dixie Highway, includes the original mall built in 1959.
According to reports from the South Florida Business Journal, BH Group and Electra America purchased the mall out of foreclosure for $100.35 million in 2022. Later that year, they also acquired the former Sears building for an additional $34 million.
The developers have announced plans to transform the site into a new mixed-use development called “Southplace City Center,” with an estimated cost of $1 billion. The project will include over 4,300 apartments, more than half a million square feet of retail space within the existing mall area as well as another 150,000 square feet on adjacent parcels for new retail and restaurants. Additionally, there will be a hotel with approximately150 rooms and around60 ,000 square feet dedicated to medical office space.
MSA Architects based in Miami has been selected as lead designer for this ambitious project.
