2014-03-18 18:51:47 - Miami’s Premier Fashion Destination is Officially Expanding
With the number of affluent visitors continually increasing, brands are demanding more retail space in Aventura Mall. Construction has been set to begin by the end of this year, after Turnberry Associates, who owns and manages the mall, got the city’s approval to build a new three-level, 241,000 square-foot retail wing and a parking garage with a ground floor and up to six levels of parking, including about 1,400 spaces. The expansion is expected to be completed by 2016.
The Aventura Mall is already Florida’s largest and most prosperous shopping mall. Its also one of the top five highest grossing malls in the country in terms of sales per square foot and was recently ranked by the Greater Miami Convention &
Visitors Bureau as the city’s most-visited shopping center by tourists. Welcoming nearly 30 million visitors each year.
Jackie Soffer, principal of Turnberry Associates said “Continued resurgence in South Florida’s real estate market along with tourism growth and has led to significant increases in the number of affluent shoppers, specifically at Aventura Mall.” Soffer continued to say, “We’ve had tremendous demand from retailers and simply don’t have enough space to satisfy their needs.” Thus, Aventura Mall was left with no choice but to expand.
Aventura Mall opened in 1983 and has been a key component in the City of Aventura’s dynamic residential, tourism, and overall economic growth. A 1997 expansion doubled the shopping center’s footprint. In 2007, Aventura introduced Nordstrom and a three-level wing of upscale stores.
At 2.7 million square feet, Aventura Mall is one of the largest shopping centers in the country. Currently, the mall houses about 300 retailers, including Bloomingdale’s, Nordstrom and Macy’s, Louis Vuitton, Cartier, and Burberry. The mall also features several restaurants and a 24-screen AMC movie theater with IMAX.
“It’s been incredible watching South Florida evolve into one of the world’s premier fashion destinations,” said Soffer from Turnberry Associates. “We’re very excited about the continued transformation of Aventura Mall, which will provide an enhanced shopping experience for our local and international visitors.”
The new area will host about 30 stores and a food court. This expansion will not only benefit the mall, by bringing more luxury brands and higher end stores, but also the city of Aventura as a whole, as it moves toward becoming a more luxurious retail destination for residents from both Miami-Dade and Broward counties and tourists as well.
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