MIAMI—Swire Properties and Bal Harbour Shops have formed an equity partnership to jointly develop the retail component of the $1.05 billion Brickell CityCentre. Brickell CityCentre broke ground in the Brickell Financial District of Downtown Miami in 2012.
The 2.9 million-square-foot mixed-use development will include a high end 500,000-square-foot retail center. Swire also plans to develop condominiums, hotel and other elements of the project in the third quarter of 2015.
Bal Harbour will build a shopping center on site and lend its brand equity to the project. Stephen L. Owens, president of Swire, says Bal Harbour Shops has the credibility in the luxury retail market to position Brickell CityCentre as “a destination shopping experience for residents and visitors alike.”
Indeed, Bal Harbour is the creator of one of the world’s most renowned collections of high fashion retail and, according to the International Council of Shopping Centers, the world’s top performing shopping center. The Bal Harbour Shops team brings relationships with the world’s leading fashion companies to Brickell CityCentre.
“Knowing Swire Properties for their international expertise in creating multi-level, design-driven retail centers with a vibrant mix of synergistic uses, we see Brickell CityCentre to be a strategic fit enabling us to meet the increasing demand for high-end brands by shoppers from all over town and, indeed, from all over the world,” says Matthew Whitman Lazenby, operating partner at Bal Harbour Shops. He called the location “truly inimitable.”
When finished, Brickell CityCentre will include two residential towers, a hotel, wellness center, serviced apartments, two office buildings, and 3,100 parking spaces. The project is being developed in two phases, with the first phase, including all elements except for one office tower, scheduled for completion in 2015, followed by the final office tower in 2018.