MIAMI—A bit of Asia is coming toMiami – at least in terms of retail real estatedevelopment trends.

|

The announcement byMiami-based Swire Properties Inc. andWhitman Family Development that Saks FifthAvenue will be the sole retail anchor at their $1 billionBrickell City Centre, certainly is a testament tothe growing need for luxury retail in this gateway city.

|

“In keeping with our strategy to take Saks Fifth Avenue tothe single most fashionable and global shopping destination, wewant to cater directly to our international clientele from thislocation. Brickell City Centre will provide access to the North andSouth American sophisticated and selective consumer in theinternationally flavored Brickell neighborhood,” saidMarigay McKee, president of Saks Fifth Avenue inthe announcement. The store will open in fall 2016.

|

But Saks already has locations in the market, including one atWhitman's Bal Harbour Shops, and high-end retailis in increasing demand throughout the city. What's really interesting about this development is its urbannature, which is much more typical of projects in Asia than theUnited States. That shouldn't be surprising given that Swire is asubsidiary of Hong Kong-based Swire PropertiesLimited.

|

Brickell City Centre will include 5.4 million square feet ofoffice, residential, hotel and retail space on nine acres in theheart of the city's financial district. Swire also will redesignand incorporate an existing light rail station, as do many of itsparent's projects, such as Indigo in Beijing.

|

With urbanization now more than just a trend in the UnitedStates and globally, incorporating true mixed-use and publictransit will be the key to ongoing development. It will beinteresting to see how many more projects around the country adoptthis model – and how it's accepted here.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.