The family of the owner and founder of Bal Harbour Shops, Stanley Whitman, has recently announced plans to expand the mall beyond Bal Harbour and develop the 500,000 square foot retail portion of the massive Brickell CityCentre project. In an effort to capitalize on a new influx of wealthy foreign tourists from Russia, China, the E.U., Latin America, and other areas, Brickell CityCentre developer Swire Properties and the Whitman family have entered into a joint venture to attract shoppers of high-end goods to the $1.05 billion mixed-use complex. The Brickell area has traditionally been business oriented and currently prone to the downswing in office and residential growth; the presence of high-end retailers may give the district a much needed economic shot in the arm.
Stanley Whitman's Bal Harbour Shops
An additional $100 million investment is in the pipe for expanding Bal Harbour Shops by 200,000 square feet. The luxury shopping mall, which hosts retailers such as Fendi, Dolce & Gabbana, and Ermenegildo Zegna, is planned to grow from its current size 450,000 square feet to 650,000. Many on the mall’s roster of luxury retailers will be approached about potentially opening new locations in Brickell CityCentre.