Florida based Swire Properties and Bal Harbour Shops today announced they have agreed to an equity partnership to jointly deve lop the retail component of Brickell CityCentre. Under construction in the Brickell financial district of downtown Miami, the 2. 9 million square foot Brickell CityCentre will include a high end 500,000 square foot retail center, to open along with condominiums, hotel and other elements of the projec t in the third quarter of 2015.
Under the strategic alliance announced today, Swire Properties will remain the primary developer of the mixed-use project, while Bal Harb our will contribute both meaningful equity and its brand recognition and luxury retail expertise as co-developer of the retail component. The venture bolsters the vision that Swire Properties has for Brickell CityCentre becoming the leading destination in the heart of Miami for exclusive shopping and dining. Bal Harbour Shops brings years of proven experience and relationships with the world’s leading fashion companies.
Matthew Whitman Lazenby, operating partner at Bal Harbour Shops and grandson of Stanley Whitman, the center’s original developer said “With its immediate proximity to both a thriving and affluent local resident as well as its enviable access to the flourishing Brickell-area tourism and hospitality markets, this is a truly inimitable retail location and we look forward to working with Swire Properties on fulfilling what is now our shared vision for Brickell CityCentre .”
The $1.05 billion Brickell CityCentre project broke ground in 2012. It will include a shopping center, two residential towers, a hotel, wellness center, serviced apartm ents, two office buildings, and 3,100 parking spaces. The projec t is being developed in two phases, with the first phase, includin g all elements except for one office tower, scheduled f or completion in 2015, followed by the fin al office tower in 2018.
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