Miami — Swire Properties Inc. and the owners of Bal Harbour Shops have formed an equity partnership to co-develop the retail component of Brickell CityCentre, a $1.05 billion mixed-use project. The project broke ground in the Brickell Financial District of downtown Miami in 2012 and will include a high-end, 500,000-square-foot retail center.
Swire Properties will remain the primary developer of the project, while Bal Harbour will contribute an undisclosed amount of equity and its brand recognition and luxury retail expertise as co-developer of the retail component. "Built over generations, the credibility of Bal Harbour Shops with the luxury retail market, evidenced by the extraordinary sales performance of its center, will be of tremendous value," says Stephen Owens, president of Swire Properties.
Indeed, Miami's Bal Harbour Shops is considered the world's most productive luxury shopping center, according to the International Council of Shopping Centers. The Bal Harbour Shops team will bring years of proven experience and relationships with the world's leading fashion companies to the Brickell CityCentre.
Matthew Whitman Lazenby, operating partner at Bal Harbour Shops, says CityCentre's location in the Brickell area will give it access to tourists as well as affluent local residents.
"Knowing Swire Properties for its international expertise in creating multi-level, design-driven retail centers with a vibrant mix of synergistic uses, 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," says Lazenby, who is also the grandson of Stanley Whitman, creator of Bal Harbour Shops.
The 2.9-million-square-foot Brickell CityCentre will include a shopping center, to open along with two residential towers, a hotel, wellness center, two office buildings and 3,100 parking spaces. The project is being developed in two phases, with the first phase, including all elements except for one office tower, scheduled for completion in 2015, followed by the final office tower in 2018.