Bal Harbour Shops Braces for Fabulous Upgrade

Bal Harbour Shops Braces for Fabulous Upgrade

Oct 16, 2019 October 16, 2019

Back when Stanley Whitman first opened Bal Harbour Shops in 1965 on the former site of a World War II army barracks, outfitting it with the most upscale brands of the day, nobody expected it to survive the competition served up by the bevy or air-conditioned malls that were springing up everywhere at the time. 

But, precisely due to its unique feel, its open-air design that takes full advantage of the breezes sweeping across the Atlantic Ocean and Biscayne Bay, as well as the natural beauty of the subtropical setting, Bal Harbour shops was destined to become one of the most elite shopping destinations in the United States.

Bal Harbour Shop Expansion Project

Architect rendering of expansion project

Bal Harbour Shops Expansion Project 

Currently, Whitman Family Development is planning a 350,000-square-foot expansion project at Bal Harbour Shops that is due to be completed in 2023. The firm’s legal intermediary, Holliday Fenoglio Fowler, L.P. announced in July of 2019 that they secured financing in the amount of $550 million for the expansion project on behalf of Whitman Family Development.

Bal Harbour Shops Expansion - New recreational park

Bal Harbour Shops Expansion - Architect new recreational park rendering

Barneys New York Flagship Coming Soon

The expansion will allow Bal Harbour Shops to create space for the many luxury brands that are on a waiting list for a lease at this elite retail center. In fact, the expansion will bring in an additional 70 brands, including the first Barneys New York flagship store located in the Southeast. This will be the first expansion/renovation project at Bal Harbour Shops since an addition was made to the building in 1982 that included the addition of the second story to accommodate additional vendors.

Bal Harbour Expansion Project - Barneys New York (Rendering)

Barneys New York - Architect rendering

A Brief History of Bal Harbour Shops

Bal Harbour Shops blossomed in large part due to Whitman’s success in attracting such anchor brands as Neiman Marcus, which opened their first specialty store outside their Texas homeland in 1971 at Bal Harbour Shops. Upon seeing the success of the Neiman Marcus store, Saks Fifth Avenue opened its Bal Harbour flagship store in 1976, becoming the mall’s second anchor store. Today, both brands stand as central pillars of the Bal Harbour Shops experience.

Bal Harbour Shops soon began to attract famed European merchants, and Whitman’s carefully curated collection of stores quickly set the bar for the industry, leading the nation in annual sales productivity. In September 2012, Shopping Centers Today magazine ranked Bal Harbour Shops as "the world’s most productive" shopping center, in terms of sales per square foot. Generating some $2,555 in sales-per-square-foot at the time, Bal Harbour Shops was pulling in seven times the industry average of $451-per-square-foot as estimated by the International Council of Shopping Centers. 

Sales at Bal Harbour Shops have continued to escalate regularly over the years. Today, Bal Harbour Shops houses 100 of the world’s most renowned designer boutiques and gourmet eateries, and is owned and managed by Whitman Family Development, direct heirs of Stanley Whitman, who passed away in 2017.

Bal Harbour Shops Opens in 1965 with 30 Retailers in One Level Fashion Center

Bal Harbour Shops Opens in 1965 with 30 Retailers in One Level Fashion Center. Photo courtesy of BalHarbourShops.com

Bal Harbour History Timeline

  • 1965: Stanley Whitman opens Bal Harbour Shops with 30 Retailers in One Level Fashion Center
  • 1971: Neiman Marcus Opens Flagship store at Bal Harbour Shops
  • 1976: Saks Fifth Avenue Opens Flagship Store at Bal Harbour Shops
  • 1982: First expansion and renovation project consisted of the addition of the 2nd Floor.
  • 2012: Bal Harbour Shops ranked “the world’s most productive” shopping center by Shopping Centers Today magazine published by the International Council of Shopping Centers (ICSC)
  • 2015: Bal Harbour Shops celebrates its 50th Anniversary
  • 2017: Stanley Whitman dies and the company passes to Whitman Family Development
  • 2019: Expansion project is approved and moves forward
  • 2023: Scheduled date of completion for Bal Harbour Shops expansion project

As fabulous as Bal Harbour Shops is already, we can only expect it to become even more glorious as it grows. It will be exciting to see the completed expansion in a few short years.



Photos courtesy of Bal Harbour Shops Vision
Contact Stephanie E. Bienstock
Director of Luxury Real Estate
(786) 930-4220
contact@condoblackbook.com
Request Info
By sending you agree to CondoBlackBook's Terms of Use

Recent Posts

The average Miami Preconstruction Condo buyer lost 14% in resales through Q3 2019
Real Estate News The average Miami Preconstruction Condo buyer lost 14% in resales through Q3 2019
This year, CondoBlackBook.com again teamed up with HB Roswell Realty to analyze the latest new construction resale data across Miami. We tracked new condo units built between 2017 and 2019 in Miami’s urban core and beach areas that have since been sold by the original owner in the first three quarters of 2019. What we found builds upon last year’s report and is surprising—most sellers lost money. On average, Miami new construction condo resales lost around 13.9% when factoring in costs (1.7% at purchase and 6.8% at sale).*  This follows our analysis conducted over the same period last year in which we found sellers lost 11% on average. Our team analyzed 116 new construction resales in Greater Downtown Miami, Coconut Grove, Miami Beaches and the surrounding islands (except Fisher Island and Key Biscayne) that closed in 2019 and found that 40 broke even or made a profit, while 76 resales lost money—nearly 65% of the owners in our study (compared to a similar figure of 63% in last...
Coral Gables and Coconut Grove Luxury Condo Market Report -- Q3 2019
Real Estate News Coral Gables and Coconut Grove Luxury Condo Market Report -- Q3 2019
The latest from CondoBlackBook.com’s Q3 2019 report for luxury condos in Miami shows some slight shifts from the previous quarter -- while overall sales and the median sales price increased, the median price per square foot dropped and a sustained inventory surplus means we’re still in a buyer’s market. This report breaks down how the combined Coral Gables and Coconut Grove fared in the third quarter. For the purpose of this luxury condo market report, we’ve only featured properties priced $1 million and above. Coral Gables and Coconut Grove Luxury Condo Market Q3 2019 Highlights: Sales slightly short of last year’s outstanding performance Positive sales trendline, showing sustained market momentum Price per sq. ft. is lower compared to Q3 2018 Overall inventory drops significantly Coral Gables and Coconut Grove Luxury Condo Market Summary - Fig. 1 Slight Slip in Overall Luxury Condo Sales YoY sales decline marginally, but are higher than 2017, 2016 and 2015 with positive...
Miami’s New and Pre-Construction Condo Update: October 2019
Real Estate News Miami’s New and Pre-Construction Condo Update: October 2019
Supertalls took over pre-construction news this Halloween month. The tallest in the city – Okan Tower won construction approvals. The fourth tallest in Miami, Brickell Flatiron celebrated its completion milestone. The Turnberry Ocean Club, one of the tallest on the Atlantic Coast, topped off. And, the tallest in Edgewater, Missoni Baia snagged a $243 million construction loan. Read on for details on these and other condo pre-construction updates for the month of October below:  Completed Brickell Flatiron - Brickell At 736 feet above ground, Brickell Flatiron now stands complete. It is the fourth tallest building in Miami, just behind Panorama Tower (868 feet above ground), Four Seasons (around 800 feet), and the Southeast Financial Center (764 feet). With closings beginning shortly, 95% of the tower is already sold out. The 64-story skyscraper is home to 527 ultra-luxury condo residences, offering high-end amenities such as a sky pool with lounge, rooftop gym and spa, urban...
Miami Beach Luxury Condo Market Report Q3 2019
Real Estate News Miami Beach Luxury Condo Market Report Q3 2019
In our overall Miami luxury condo market report for Q3 2019, we saw an increase in sales, a decline in median prices, and heavy inventory keeping things in favor of the buyer. This report breaks down how the neighborhoods in Miami Beach and the barrier islands reacted over the quarter individually, as well as against the market as a whole. For the purpose of this report, we’ve included the sub-neighborhoods of South Beach, Mid-Beach, Sunny Isles Beach, Surfside, and Bal Harbour as part of this Miami Beach grouping. Also, this luxury condo market report only features properties priced $1 million and above. Miami Beach Market at a Glance Miami Beach Luxury Condo Market Q3 2019 Highlights: Miami Beach sales almost match Q3 2018 Sales trendline positive for all neighborhoods Year-over-year sales improve in South Beach, Surfside & Bal Harbour  Miami Beach price per sq. ft. is same as Q3 last year Surfside & Bal Harbour report highest jump in quarter-over-quarter...
The Most Luxurious Condo Buildings in Coconut Grove
Real Estate News The Most Luxurious Condo Buildings in Coconut Grove
Coconut Grove is not just about rich foliage, but is also home to quite a few luxury condo residences. To get a taste of this historic neighborhood plus its plush properties, we’ve enlisted the 5 Most Expensive Condo Buildings in Coconut Grove and bonus pre-constructions that set the bar high for phenomenal living in the city. Why Choose Coconut Grove? Coconut Grove Main Highway. Photo courtesy of MiamiAndBeaches.com The partly coastal neighborhood of Coconut Grove is characterized by lush, tropical foliage and a relaxed Bohemian vibe. Its bouquet of rare boutiques, unique shops, colorful cafés, diverse restaurants, historical venues, lush parks, and easy access to water sports plus a nautical lifestyle make it a breezy neighborhood to live in. The Best of the Best Condos in Coconut Grove  Ritz-Carlton Coconut Grove – 3300, 3340, 3350 and 3400 SW 27th Avenue, Coconut Grove Avg. sales price $624 per sq ftBacked by the world-famous hospitality brand, this waterfront...
The Most Luxurious Condo Buildings in Brickell
Real Estate News The Most Luxurious Condo Buildings in Brickell
The Most Luxurious Condo Buildings in Brickell Brickell is where the business is – so it doesn’t come as a huge surprise that the neighborhood would house some of the finest residences to cater to a wide array of residents, spanning from globetrotting professionals to business moguls plus their families. Curious about the kind of high-end residences available for such global citizens? We’ve ranked the 5 most expensive, thus luxurious, condo buildings in Brickell below: Why Choose Brickell? Brickell is not only the second-largest banking hub in the States, but also home to several consulates, businesses and a majority of the offices in Miami. It is also serviced by all major public transportation systems in the city, giving it one of the highest transit scores of 98. It further ranks second on our most walkable neighborhoods in Miami study, with a near-perfect walkscore of 98, meaning most hotspots and conveniences can easily be reached on foot. In recent times, this financial...