Credit: Investing.com -
Investing.com -- The Canadian company that owns Mall of America is proposing to build an entertainment and retail complex in the Miami suburban area that could be double the size of its current holding in Bloomington, Minnesota - the largest shopping venue in the United States.
If completed, the project dubbed American Dream Miami, could be replete with a ski slope containing 800 feet of artificial powder, an indoor lake with submarine trips, hotels, condominiums, a mini golf course, water park and a sea lion exhibit among others.
"It is our intent that this project - American Dream Miami -- will exceed our other world famous projects in all respects," Edmonton-based Triple Five Worldwide said in a statement.
Developers intend for the proposed mega-complex to be built on a vacant 200-acre grazing land between Interstate 75 and Florida's Turnpike in Northwest Miami-Dade County. The project could cost as much as $4 billion and employ as many as 25,000 workers.
The land is located inside the county's Urban Development Boundary, which requires Triple Five only to secure a change in local land zoning to start the project, the Miami Herald reported. Triple Five has agreed to pay the county $11 million for the state-owned land and another $7 million to the county's school system for a lease on a portion of the land inside the boundary, according to the Herald.
American Dream Meadowlands, a Triple Five property located next to MetLife (NYSE:MET) Stadium in East Rutherford, N.J., is tentatively scheduled to open in the fall, 2016. American Dream Miami is reportedly modeled after Triple Five's project in New Jersey.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
