Last week, Mall of America developers revealed detailed plans for its $1-billion expansion at a Minneapolis commercial real estate conference.
Providing an additional 5.6 million square feet, the "Phase II" expansion includes a 6,000-seat performing arts center, three hotels, condominiums, a museum, an ice rink, and a stream running through the main corridor. Formal expansion plans have not been presented to Bloomington, MN, city officials, who will need to approve any expansion.
"This mall is constantly changing and expanding, like a life form," said Maureen Bausch, the mall's vice president of business development.
While expansion plans may undergo multiple changes in the coming months, retail analysts said they agree with the overall concept of focusing on entertainment and recreation rather than shopping. Less than half of Phase II will consist of retail space; excluding the Camp Snoopy theme park, about 80 percent of the existing mall is retail, Bausch said.