Walmart Officially Closes on Midtown Property
It's official. Walmart now owns a big chunk of midtown Miami, and its plans to build a supercenter in the bustling neighborhood trudge on. According to exMiami, Walmart closed the deal in January for $8.2 million, though there are some conditions attached.
Plans for Walmart's midtown location.
If Walmart's plans do somehow fall through and it wishes to sell the property, DDR, which sold the land and owns the Shops at Midtown Miami, gets the first right of refusal when it comes to buying it back.
Walmart must also turn over more than 14,000 square feet so DDR can develop other street-front retail opportunities to maintain the Shops at Midtown's mixed-use feel. The company must also develop its exterior in a way that DDR deems acceptable.
This all basically means Walmart can go ahead and do its Walmart thing as long as it looks sort of pretty.
Activists are still trying to derail the plans through zoning challenges, but it appears the retail behemoth's project will move forward with little resistance.