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Cutler Bay Mayor Tim Meerbott on Thursday, May 5, released a video statement about the sale of Southland Mall located in the heart of the town’s business area.
It was announced on Mar. 2 that long-troubled Southland Mall had been sold to a team of two companies — private equity investor Electra America and developer BH Group — for $100.35 million. They plan to revitalize the mall shopping area and build residential developments on part of the property.
“What does this mean for Cutler Bay,” said Mayor Meerbott in the video. “I’ve been looking at the chatter and a lot of people seem to be concerned about the overbuilding and increase of traffic coming along with apartments. First of all, you have to understand that we did not vote on this. These are the rights that they have as the property owners.
“Before the town was chartered there were many charrettes which were heavily attended by the community. The community decided that they wanted to keep the interior neighborhood core of Cutler Bay calm like it is today, but allow for the additional building to happen on the outside of the town.”
Meerbott added, “We as the town do not have the right to tell them not to build there. We can’t take their rights away from them or we’d find ourselves facing a lawsuit. But we’ve talked with them. They have to make sure that whatever they build is in line with our vision of Cutler Bay.”
To view the mayor’s video message on Southland Mall go to https://youtu.be/zmvQczNtDBY.
In March 2021 the town released a highly professional video touting the desirability of the property, which apparently helped convince the investors.
“The town is very excited of the endless development opportunities surrounding the Southland Mall area,” town manager Rafael Casals said in March 2021. “As part of our marketing strategy, the town has developed a promotional video which highlights the Vision, Zoning and Federal Opportunity Zone designation.”
That video may be viewed at
www.dropbox.com/sh/hfjb3syv30f23j6/AACZhJB8vv0SA4Mcbsb78d5za?dl=0&preview=Cutler+Bay+Town+Center+2019.mp4.
Located at 20505 South Dixie Hwy., Southland Mall, previously known as Cutler Ridge Mall, had undergone extensive renovations following Hurricane Andrew in 1992, and in recent years had suffered from reduced business and store closings even before the pandemic, and had defaulted on loans.
The owners declared bankruptcy, resulting in a $68.7 million foreclosure judgment. The mall was acquired by a commercial mortgage-backed securities trust led by Wells Fargo in February 2021 with a successful auction bid of just $2,600.
Two of the mall’s anchors, JCPenney and Regal Cinemas, have remained open, as have a number of the small shops and restaurants. The mall area is about 808,776 square feet and is located on approximately 80 acres of land.
Joseph Lubeck of Electra America could not be reached for comment as of deadline, but is expected to provide more information later in May or June.
