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 95-acre property, which includes the original mall built in 1959, was acquired by the developers out of foreclosure for $100.35 million in 2022 according to reports from S. Florida Business Journal.
In addition to purchasing the existing mall, BH Group and Electra America also bought the former Sears building on site for an additional $34 million later that year.
The ambitious redevelopment project has been named Southplace City Center and is estimated to cost around $1 billion. Plans include transforming it into a mixed-use development with over 4,300 apartments, more than half a million square feet of retail space including dining and entertainment options within the existing mall structure as well as an additional 150,000 square feet of new retail space on surrounding parcels.
Other features planned for Southplace City Center include a hotel with approximately 150 rooms and around 60,000 square feet dedicated to medical office use. Miami-based MSA Architects has been chosen as lead designer for this exciting project.
