Triple Five Worldwide, developer of Minnesota’s Mall of America, Canada’s West Edmonton Mall and the American Dream Meadowlands that’s under construction just outside of New York, is building a $4 billion, 5M square foot theme park and shopping center on 175 acres in Miami-Dade County, Bisnow South Florida’s Deirdra Funcheon reports.
The project, planned to be called American Dream Miami, would include dining and shopping, a performing arts center, indoor waterpark, indoor ski slope, skating rink and submarine rides. The site is located at the intersection of Interstate 75, Florida’s Turnpike Extension and Miami Gardens Drive.
Triple Five World has faced some opposition as area rival retailers such as Dolphin Mall and Bayside Marketplace have teamed up in an effort to prevent American Dream Miami from collecting subsidies and possibly derail the project, according to the Miami Herald.
The American Dream Miami development could also impact local commuters because Miami-Dade County also approved a Graham Cos commercial and residential project that will rest on 300 acres just south of the proposed mall. Broward County, which is located north of were American Dream Miami would be, is threatening a lawsuit because of the expected traffic congestion. The project could create 100,000 car trips per day.
“I don’t see how anyone with even the most vivid imagination can accommodate those cars in the surrounding roads,” Derek Cintron, Miami Lakes resident Derek Cintron said at a recent Planning Advisory Board meeting. “I’m just begging you to consider what the residents have with regards to their quality of life.”
Financial issues were also expected to be a hurdle for the attraction, but Triple Five managed to fund American Dream Meadowlands, with $1.1 billion in tax-exempt bonds and a $1.67 billion construction loan from JPMorgan Chase and Goldman Sachs.