The owners of Aventura Mall are proposing to add a three-story, 241,000-square-foot retail wing and a seven-level parking garage to the massive shopping center north of Miami. Aventura city officials are reviewing the plan for approval. It would be the mall’s second major expansion since 2008.
Owned and managed by Aventura-based Turnberry Associates, Aventura Mall already ranks as the one of the largest shopping malls in the US. Wikipedia ranks it third with 2.7 million square feet of retail space behind the Mall of America outside Minneapolis and the King of Prussia Mall outside Philadelphia. The mall's tenants generated sales of about $1.4 billion in 2012. The firm said the mall draws about 28 million visits a year, making it the nation’s second-most visited mall behind the Mall of America.
The expansion plan was submitted to the city at about the same time the mall’s owners had its mortgage raised by $770 million to be refinanced at $1.2 billion.
According to a recent study, Aventura Mall shoppers spend an average of $338.40 per visit – more than four times the national shopping center average.