The Bloomington Port Authority voted 4-2 to approve a second amendment to its 2016 master redevelopment contract with Mall of America and owner Triple Five, extending the project's performance deadlines by roughly two years, to around 2027-2028, and adjusting the redevelopment-value thresholds tied to the deal. Commissioners pointed to pandemic-related delays as the reason for the extension.
Commissioners voted 4-2 to approve a second amendment to the 2016 master redevelopment contract with MOA/Triple Five, extending performance deadlines by two years (to roughly 2027-2028) and adjusting redevelopment-value thresholds, citing pandemic-related delays.
The contract at issue covers the broader South Loop redevelopment push Triple Five and the city have been negotiating for years, most visibly the indoor water park now branded Mystery Cove. Triple Five has wanted a water park at the mall since it was first conceived in the 1980s, but the project stalled in March 2020 when the pandemic hit and didn't get moving again until the company shifted to a private-financing model in 2021.
As currently planned, Mystery Cove would run about 143,000 square feet with a wave pool, lazy river, family splash areas and spas, at a total cost near $432 million once parking and financing are included. Construction is eyed for as early as this year, with an opening targeted for 2029.
The 4-2 vote on the deadline extension shows the arrangement isn't unanimous even as the broader financing pieces have fallen into place. The amendment gives Triple Five more runway to hit the value and development benchmarks the original 2016 contract set, without forcing a renegotiation of the whole redevelopment framework.