Dolphin Mall is booming, according to a new presentation by owner Taubman Centers, Inc.
The mall opened in 2001. One year later, it was already being criticized as an underperformer, and an activist investor said in 2003 that it should never have been built. After 2 years, Taubman bought out their 50% partner for just $1 plus property debt.
Now, Taubman is calling the mall “one of the most productive assets in the country.”
36 million shoppers visit the mall annually, Taubman says. That is more traffic than the Magic Kingdom and Universal Studios combined.
Sales estimates for the mall are now $850 per square foot. Earnings from the mall have grown at a compounded rate of 14% annually in year 1-12.
In 2016, Taubman cancelled plans to co-develop an enclosed mall at Miami Worldcenter. At the time, they said they had agreed to preliminary terms to manage leasing on a High Street retail plan there.
(photo: Bobak Ha’Eri)