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Mall of America Revises Expansion Plans

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After failing three times to get the public financing it wanted to pay for part of a $2 billion expansion, the Mall of America won't be making another pitch to the Legislature this year.

Instead, it's considering building the 5.6-million-square-foot project in phases, with a first phase of about 3 million square feet that could be done by 2013. The rest would be delayed indefinitely.

The change could allow the mall to tap a modified subsidy package passed by the Legislature last year that authorizes the city of Bloomington to impose new taxes to help fund the project. "It's not enough to support 5.6 million square feet at one time," said Kurt Hagen, vice president for development at Triple Five Corp., the mall's owner. The public financing is for a parking ramp and other infrastructure improvements, not for the mall itself.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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