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MOA Closes Financing on Major Expansion Project

Updated: 03/04/2014 6:15 AM
Created: 03/03/2014 5:02 PM KSTP.com
By: Megan Stewart

The Mall of America has closed on financing for an upcoming expansion project which would add a luxury hotel, underground parking spaces and a new mixed-use complex.

MOA spokesperson Sarah Schmidt said the project, called Phase 1C, will include office and retail space, along with the MOA Crossing office building.

According to brokers for the building, MOA Crossing will be a 10-story complex constructed atop a new multi-level parking garage on the north side of the mall property and Lindau Lane.

The listing on Jones Lang LaSalle's website says it will be connected to a 300-room JW Marriott hotel.

The city will pay for a two-level underground parking garage that will add 562 spaces, according to city documents.

The Mall of America has development rights for up to an additional 5.6 million square feet of mixed-use space. The mall sees more than 40 million visitors annually.

Last spring, the project was pushed along by a $250 million tax break approved by the legislature. The mall's ownership group, Triple Five Worldwide, has plans for nearly doubling the current square footage of the mall.

The project is expected to be completed August 2015, Schmidt said.

A rendering for MOA Crossing.
Photo: Website/Jones Lang LaSalle

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