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Developers Obtain $125M Loan for Southland Mall Revamp
BH Group and Electra America obtained a $125 million construction loan for the redevelopment of the Southland Mall in Cutler Bay. Tyko Capital provided the mortgage.
The property covers 95 acres at 20505 S. Dixie Highway, including the 1959-developed mall. The S. Florida Business Journal reports that in 2022, the developers acquired the mall out of foreclosure for $100.35 million. Later that year, they bought the former Sears building for $34 million.
The developers revealed plans for a $1 billion redevelopment, renaming the site, Southplace City Center. It would feature 4,395 apartments, over 500,000 square feet of retail, dining and entertainment venues in the existing mall, another 150,000 square feet of new retail and restaurant space on the out parcels, a 150-room hotel, and 60,000 square feet of medical office space.
Miami-based MSA Architects designed the project.
