Rending courtesy Cabo Norte

Mérida, Yucatán — After years of announcements and speculation, it appears the largest mall in southeast Mexico will open here before the end of the year.

Costing more than 2.25 billion pesos, the 180-store Cabo Norte Mérida is 75 percent completed, said Abraham Cherem Ads, speaking for the developer in a press conference.

It will rival Galerías Mérida, the mall anchored by Liverpool, where expansion and renovation is nearly complete, and Via Montejo, a mix-use project whose Harbor Mall will be open next year.

Like the Harbor, Cabo Norte framed by a large artificial lake where recreational activities will be organized. A theme park with a ferris wheel also appears in renderings of the project.

The project is being built in a high-growth area of the city — just north of the Periférico — said Cherem Ads. The city’s safety and high quality of life constitute encouraging signs for investment, he said.

Rending courtesy Cabo Norte

Cabo Norte will also open its doors to local entrepreneurs, supporting them with special pricing, he said.

About 2,000 jobs will be generated at Cabo Norte, according to the developer, GICSA, which has built complexes under the same model in Cancun, Acapulco and Puerto Vallarta. This year alone, GICSA plans to open or expand four other shopping centers: Paseo Cuernavaca, Paseo Querétaro, Paseo Interlomas and a one in Puebla.

No specific retailers or restaurants were announced.