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MIAMI (CBSMiami) – South Florida could be home to the largest mall in America.

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CBS4 News partner The Miami Herald reports Triple Five, the company that owns and runs Minnesota’s Mall of America, wants to build a massive, retail theme park in Northwest Miami-Dade.

“American Dream Miami” would be a 200-acre entertainment complex with submarine rides in a lake, a water park, mini-golf, a Legoland, a live sea-lion show, a skating rink and indoor gardens and an artificial ski slope with 800 feet of artificial powder. It would also include hotels and condominiums, according to the proposal.

It’s projected to cost as much as $4 billion to build and employ 25,000 people once opened.

It would be built at the intersection of Florida’s Turnpike and I-75 near Miami Lakes.

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Miami-Dade Mayor Carlos Gimenez revealed the deal Thursday in an interview and said the venture promises to provide a historic boost to the county’s economy. Triple Five is not asking for government dollars or free land, Gimenez said, but wants to create the kind of large-scale theme park that can attract visitors from around the world and sustain thousands of jobs across Miami-Dade.

Dream Miami is expected to be larger than the Mall of America. Corporate materials say that complex in Bloomington, Minn., comprises 4.2 million square feet, with 520 stores and 50 restaurants. By comparison, the Aventura Mall, currently Florida’s largest, has 300 stores and about 2.7 million in floor space.

“It is our intent that this project – American Dream Miami – will exceed our other world famous projects in all respects,” Triple Five said in a statement. “Like our other properties, American Dream Miami will generate tens of thousands of jobs, have an annual economic impact for the State of Florida in the billions and become a highly successful international tourist destination,” continued the statement.

The proposed American Dream Miami site sits within the county’s Urban Development Boundary, meaning Triple Five only needs a change in the land’s zoning to move forward.

Triple Five said it plans to employ 25,000 people during construction, and create that many permanent jobs once open. Gimenez said the planned private investment will instantly vault Triple Five into a top taxpayer, with an estimated $50 million yearly bill.

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