The new Brickell CitiCentre, on track to commence construction later this year, is predicted to add 1,700 jobs to the local economy during construction and an addition 2,000 job upon completion. The developer has already secured $140 million in initial funding from HSBC Bank USA which will not only cover primary construction costs, but also allow for further design and development capabilities.

The project encompasses a collection of six buildings across nine acres between Brickell Avenue and South Miami Avenue, placing the project in the center of the financial district. The Brickell building will include well over 500,000 square feet of shopping space, three office buildings, two residential towers, a 243-room hotel and 93 serviced apartments. The first of three phases of construction, scheduled to be completed by 2015, will include an additional set of 800 condominium units and 3,100 parking spaces.

Miami’s Eighth Street Metromover station is also set to receive substantial design enhancements thanks to a recent agreement between Miami-based Swire Properties, Inc. and local city officials. The station, and adjacent land, will undergo under-the-line landscape improvements between 6th and 8th Streets and see the addition of two overhead pedestrian crossings extending across South Miami Avenue and Southeast Seventh Street.

In a recent press release, Swire Properties CEO Martin Cubbon commented on the effects the project will effect on Miami saying, “Miami’s economy is benefiting from investments by its neighbors from South America, and we see strong growth potential for the city,” he continued, “The location of Brickell CitiCentre offers an excellent opportunity to draw market share from local businesses and residents as well as visitors.”

Currently, the only contentious aspect of the project is the third office tower, a 750,000-square-foot structure, which will only be built should market conditions warrant. If the final phase goes forward, the final tower is scheduled to be completed by 2018.

Sources:

http://www.bizjournals.com/southflorida/news/2012/04/20/citicentre-to-improve-eighth-street.html