The 2.9 million-square-foot Brickell CityCentre has added a valuable name to its development team. Bal Harbour Shops has joined Hong Kong-based Swire Properties in co-developing the retail part of the project currently under construction in downtown Miami.
The terms of the alliance specify that Swire Properties will remain the primary developer of the mixed-use project, while Bal Harbour will contribute both meaningful equity and its brand recognition and luxury retail expertise as co-developer of the retail component. The venture reinforces the vision that Swire Properties has for Brickell CityCentre—becoming the leading destination in the heart of Miami for exclusive shopping and dining.
“We are honored to have Bal Harbour Shops join us as co-developers of the shopping at Brickell CityCentre,” said Stephen L. Owens, president of Swire Properties Inc. “Built over generations, the credibility of Bal Harbour Shops with the luxury retail market, evidenced by the extraordinary sales performance of their center, will be of tremendous value to the market positioning of Brickell CityCentre as a destination shopping experience for residents and visitors alike.”
Bal Harbour Shops—named “the most productive luxury shopping center in the entire world” by the International Council of Shopping Centers—have been around since 1965. Owned by the Whitman family, the property has been fighting the expansion of luxury retail in Miami-Dade for years, the Miami Herald reports. Along with the new venture with Swire Properties, Bal Harbour will be claiming its ground on the downtown Miami luxury market.
Work on the $1.05 billion Brickell CityCentre project started in June 2012, with the first phase—a high end 500,000-square-foot retail center, two residential towers, a hotel, wellness center, serviced apartments, one office building and 3,100 parking spaces—scheduled for completion in 2015. The second phase will include a second office tower and has a completion date set for 2018.
Image courtesy of Swire Properties