Mall of America officials confirmed Monday they have closed on $300 million in financing for its Phase II expansion plans.
The expansion plans include a new luxury hotel, an office tower called MOA Crossing, additional retail and a new food hall concept.
Mall officials said that anticipated completion of the new project will be in August 2015. "It's going to be a fast build," MOA spokesman Dan Jasper said.
The Mall of America expansion will connect to the existing building on the north side of the mall and stretch out toward Lindau Lane.
The Shakopee Mdewakanton Sioux Community will help finance a portion of the project, but officials at the mall did not specify their role or the brand name of the luxury hotel to be built.
The Mall of America will have more details on the project in the next couple of days and groundbreaking for the project in a couple of weeks.
Last March, a luxury hotel opened on the south side of the mall. The 500-room Radisson Blu hotel is connected to the mall via a skyway. Construction on that $138 million hotel started in mid-2011 and the hotel opened in March 2013.