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Struggling Luxury Malls

Posted by: Chris Steins
Thanks to: Laura Kranz
18 April 2003 - 10:00am

The contrasting success of the Merrick Park and Bal Harbour luxury malls in Miami's surburbs are a reminder of the importance of neighborhoods.

"Merrick Park has significant handicaps, says Fick, including its location, the economic fallout from 9/11, which happened during construction, and a significant downturn in Miami-Dade County tourism. The mall's site near several auto body shops, a public high school and a rapid transit line isn't befitting a development of its stature, says Fick. To make up for this deficit, it was built 'like a castle.' Its architecture faces inward, away from the surrounding neighborhood, Fick explains."

Full Story: Miami Luxury Mall Struggles
Source: National Real Estate Investor, April 17, 2003
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Areas well-served with public transit and nearby jobs and services simply require less travel because residents have the option of walking, riding a bike, taking public transit, or driving.
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