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Some people may have been surprised when it was announced on various real estate news websites that Cutler Bay’s Southland Mall, 20505 S. Dixie Hwy., had been seized by Wells Fargo Bank, representing a commercial mortgage-backed securities trust, as the result of a foreclosure auction on Feb. 10.
The landmark property, co-owned by Investcorp and Gumberg Asset Management Corp., had been having financial difficulties for years.
But officials of the Town of Cutler Bay say they were prepared for the possibility and had begun making arrangements for the likely outcome, since area residents who shop and go to movies there and the many hundreds of people employed there could be impacted.
Cutler Bay town manager Rafael Casals said much can be done to keep the main areas of the mall intact, perhaps making the food court an open air space, and adding some new elements to part of the property to help revitalize the area and businesses.
“The town is very excited of the endless development opportunities surrounding the Southland Mall area,” Casals said. “As part of our marketing strategy, the town has developed a promotional video which highlights the Vision, Zoning and Federal Opportunity Zone designation.”
The video may be viewed at
www.dropbox.com/sh/hfjb3syv30f23j6/AACZhJB8vv0SA4Mcbsb78d5za?dl=0&preview=Cutler+Bay+Town+Center+2019.mp4
Cutler Bay Mayor Tim Meerbott also is optimistic about the possibilities.
“We have been in contact with many groups looking to redevelop the mall,” Mayor Meerbott said. “Our zoning is very favorable to development which can include high density mixed use type of development. We anticipated this back in 2006 and that type of development would not require any zoning change. We have had some interest in other uses which include a hospital. We will have to wait and see who buys the note before we have a more clear idea of where they want to go.”
It seems likely at this point, based on announced intentions, that most existing stores and restaurants will remain, with new features being added to surrounding areas of the mall property.
