American Dream Miami is a newly proposed mega mall and entertainment complex. If it comes to pass, it will be the largest mall in the United States. Although there are clearly countless regulatory, zoning, environmental and other hurdles it has to clear to be approved, out of the gate this 200 acre retail theme park has nice momentum.
If it does get built, then occupied, and is then actually successful, it is bound to have an effect on the area. Consider what happened to areas surrounding Sawgrass Mills or Disney World. Sure, comparing to the latter might be a stretch, but given that there is talk of simulated ski slopes and a Legoland within the complex, the area becoming a South Florida theme park hub is not totally out of the question.
Below are a number of charts for retail properties in the area. All of these charts look backwards, and thus don’t tell one much about the future. What they do provide is context, a trend line to this point, if you will, upon which to consider properties as the situation unfolds. One thing is for sure, as and if this development comes to pass, ownership is bound to turn over as use cases for properties evolve.
Charts for Retail Properties Within 3 Miles of Proposed American Dream Miami Mega Mall and Theme Park in Miami Lakes
5 Year Chart of Absorption, Deliveries, and Vacancy Rates
5 Year Chart of PSF Selling Prices
5 Year Chart of Cap Rates
5 Year Chart Vacancy Rates
5 Year Chart of Vacancy Rate vs. NNN Rental Rate Asking Price
Charts courtesy of Costar.