Southland
Mall, formerly known as Cutler Ridge Mall, opened in 1960. It was renovated in
2005. It was originally hammered by Hurricane Andrew. The Coronavirus pandemic
merely hastened this current sad situation where the mall has now gone into
foreclosure – see “The Real Deal” online south Florida real estate news: Wells Fargo seeks to foreclose on Southland Mall in Cutler Bay,
TRD MIAMI / June 09, 2020, by Keith Larsen
Also see Miami Herald online: Investors foreclose on Southland Mall in Cutler Bay for defaulting on payment, by Rene Rodriguez and Rebecca San Juan, June 10, 2020.
The
lawsuit alleges the mall owner, Investcorp, defaulted on its debt payments in
April.
Something is going to
happen at the Southland Mall site. The question is what and how much.
The Word On The Street: “Major players” are
circling looking at obtaining it to tear down and build to the standards set up
in Cutler Bay planning code.
Existing Property
rights:
For this site is 20 story max – 5,500 unit density (or Palmetto Bay’s entire
DUV on a single site in Cutler Bay). Plus commercial. I also note that this
Southland site is contained within a unified parcel. The above does not include
the Macy’s and Sears parcels which have their own density, which I believe is up
to 250 units per acre in what Cutler Bay code considers to be the core area.
Fair Questions? I wonder if the former
unsolicited bid group – the $72 Million entertainment district group will
appear at Southland?
IMPACT: (discussed below –
overall, for Cutler Bay and for Palmetto Bay)
Overall: This will impact the
bus lanes – the councils of Palmetto Bay and Cutler Bay should join together
and renew a push for the metrorail extension, rather than continue to acquiesce
on the shinier, better bus (BRT). This is why metrorail should be extended at
least down to 211th (adjacent to the Southland property). This could
be a true Transit Oriented Development (TOD). AN opportunity missed and another
example as to how there is little vision paid to the real future needs for
transit in South Miami-Dade.
For Cutler Bay: A potential
entertainment district destination for their town, their residents. Road impact
fees and an increase in ad valorum taxes that can be used to enhance their town
and address traffic issues. The Town Council could possibly extract assistance
from any applicant to address traffic issues that impact Cutler Bay.
For Palmetto Bay: US1 is at a standstill which will be made
worse. The promise of the BRT may have all the same impact as the general
promise of the ½ cent transportation sales tax – in other words – not much. The
reality may end up being further traffic diversion off US1 east to 87 Avenue
and Old Cutler Road. Bridge? No doubt. The Character of ‘old’ 87 avenue transforming from neighborhood
roads to a 4 lane surface highway as we have in Doral south through to
Westchester. There will be no road impact fees or increase in village ad
valorum taxes that can be used to enhance Palmetto Bay or to address any new
traffic issues.
What properties are
included in this foreclosure and which will be involved in any redevelopment? I reviewed the property
records posted online with Miami-Dade County. These appear to be the relevant
properties:
CUTLER
RIDGE MALL SUB SEC 1 - 36-6007-020-0020 - 671,239 Sq.Ft.
Listed
owner: SOUTHLAND MALL PROPERTIES LLC
CUTLER
RIDGE MALL SUB SEC 2 - 36-6007-020-0030 -
85,973 Sq.Ft.
Listed
owner: SOUTHLAND MALL PROPERTIES LLC
CUTLER
RIDGE MALL SUB SEC 3 - 36-6007-020-0040 -
81,415 Sq.Ft.
Listed
owner: SOUTHLAND MALL PROPERTIES LLC
CUTLER
RIDGE MALL SUB SEC 4 - 36-6007-020-0010 - 146,658 Sq.Ft.
Listed
owner: ALL STORES REALTY CORP
CUTLER
RIDGE MALL Unplatted - 36-6007-000-0546 - 193,422 Sq.Ft
Listed
owner: SERITAGE SRC FINANCE LLC
CLICK HERE to access the folder where I have posted .PDF
print outs of the above property records.
Note that this list appears not to include the outparcels along US1 (including the
Arby's and Olive Garden restaurants) Nor
does it include the Mercedes dealership or the two office buildings (the former
Town Hall site).
The bottom line: Get a head of this
before it has an opportunity to overwhelm us. Are the current officials up to
the challenges? Believe me, this site, done properly or not, clearly has the
potential to profoundly change both Cutler Bay and Palmetto Bay. The question
is will it be for better or worse?
The irony - the Southland carousel (pictured above). Many years of good fun for kids, but now Southland is going to get South Dade started on the next go-round relating to density. Hop on.
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