Brickell CityCentre to Compete with Luxury Malls!
Mar 13, 2013 March 13, 2013
In a bid to transform the retail component of the 1.9 million square foot, mixed-use Brickell CityCentre into a competitor in the local luxury retail space, Swire Properties and Bal Harbour Shops have partnered to include 500,000 square feet of retail space alongside the luxury condominiums, hotel, and office space already on offer. Bal Harbour brings its equity, reputation, and development expertise to the table while Swire will handle project development. The anticipated project-completion data is some time during the second half of 2015.
As retail competition rapidly ramps up in the greater Miami area, Bal Harbour is already in the midst of an expansion that has included the acquisition of the SunTrust Bank Building in Bal Harbour. The company saw an opportunity at the heretofore business-oriented Brickell which has been absent from the high-end retail surge until now. Bal Harbour Shops operating partner, Matthew Whitman Lazenby, commented:
“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.”
Swire Properties president, Stephen Owens, seconded the enthusiasm saying, “We are honored to have Bal Harbour Shops join us as co-developers of the shopping at Brickell CityCentre. 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.”
Begun in 2012, the $1.05 billion, 5.4 million square foot, Brickell CityCentre will include two residential towers, a luxury hotel, two office buildings, serviced apartments, and a wellness center.