Swire Properties and Bal Harbour Shops today announced they have agreed to an equity partnership to jointly develop 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 project 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 Harbour 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. As the creators of one of the world’s most renowned collections of high fashion retail and, according to the International Council of Shopping Centers, the world’s top performing shopping center, the Bal Harbour Shops team brings years of proven experience and relationships with the world’s leading fashion companies.
“We are honored to have Bal Harbour Shops join us as co-developers of the shopping at Brickell CityCentre,” said Stephen L. Owens, president of Swire Properties Inc, the US operation. “Built over generations, the credibility of Bal Harbour Shops with the luxury retail market, evidenced by the extraordinary sales performance of their center, in Miami, will be of tremendous value to the market positioning of Brickell CityCentre as a destination shopping experience for residents and visitors alike.”
“Knowing Swire Properties for their 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,” said Matthew Whitman Lazenby, operating partner at Bal Harbour Shops and grandson of Stanley Whitman, the center’s original developer. “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 US $1.05 billion Brickell CityCentre project broke ground in 2012. It will include a shopping center, two residential towers, a hotel, wellness center, serviced apartments, 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.
About Bal Harbour Shops
Opened in Miami, Florida in 1965 by retail visionary Stanley Whitman, Bal Harbour Shops was the first all luxury fashion center featuring high-end retailers in a tropical, open-air setting. Bal Harbour Shops quickly became the most exclusive shopping destination in the country with record-setting sales and has remained the industry leader. In 2012, due to its enduring appeal to a blend of foreign, short-term visitors, seasonal residents, and a loyal local consumer, Bal Harbour Shops topped the list as the most productive luxury shopping center in the entire world, according to data compiled by the International Council of Shopping Centers. Three generations of the Whitman family remain steadfast in their shared vision for this fashion mecca and unwavering in their commitment to its continued success.
About Swire Properties
Swire Properties Inc, established in Miami since 1979, is one of South Florida’s leading international developers of urban office, hotel and condo real estate. Known for its $1 billion master‐planned development of Brickell Key along the Miami River in downtown Miami, Swire continues to shape the Miami skyline with its latest project, Brickell CityCentre, a landmark $1.05 billion mixed‐use development comprising a gross floor area of 5.4 million square feet including office, residential, hotel, retail and entertainment space and underground parking. A public company since January 2012, Swire Properties Ltd. includes Swire Properties Inc., the U.S. real estate subsidiary of Hong Kong based Swire Pacific Holdings Ltd. Swire Pacific Holdings Ltd. is a 200 year old, publicly traded multinational corporation with principal interest in real estate, trade and aviation. Visit Swire Properties’ website at www.swireproperties.us
MIAMI | January 30, 2013