Swire Properties Inc, one of South Florida’s leading international developers of urban real estate, today broke ground on its historic Brickell CityCentre project, a $1.05 billion mixed‐use development that is the largest private sector venture of its kind in Miami history.
Today’s event formally marks the start of construction on this visionary project, which encompasses 5.4 million gross square feet and will include a shopping center, two residential towers, a hotel, wellness center, service apartments and two office buildings, together with underground parking. Brickell CityCentre will have a tremendous positive impact on our region, accounting for approximately one billion dollars in overall economic benefits, more than $15 million dollars per annum in ad valorem taxes for the City of Miami and Miami‐Dade County and creating 1,700 jobs while it is under construction and 3,700 after completion, according to an independent study.
The project will deploy, in scale, synergy of land uses and linkage to critical transportation modes, Swire Properties’ internationally recognized mixed‐use development model. To assure that the project offers a superior level of transit and pedestrian amenities, the Company is redesigning and enhancing the Eighth Street Metromover station to integrate it into Brickell CityCentre, and is constructing two overhead pedestrian crossings connecting the retail center at South Miami Avenue and Southeast Seventh Street.
“This groundbreaking is a milestone event for us,” stated Martin Cubbon, Chief Executive of Swire Properties. “We have spent the past 40 years developing world‐class mixed‐use properties in Hong Kong and Mainland China, creating places where people can live, work and enjoy life, and we are thrilled to be bringing our visionary approach to the U.S. Our 30 years of work on the island of Brickell Key have helped establish Brickell as a quality residential address, and I have no doubt that our Brickell CityCentre project will transform Brickell into Miami’s most vibrant commercial destination.”
“Swire has eagerly anticipated this day since beginning this land assemblage several years ago, and we look forward to creating a great cosmopolitan center in Brickell,” said Stephen Owens, President of Swire Properties. “We appreciate all of the support we have received from the City and County and feel very optimistic that the community will benefit greatly from this endeavor.”
The first phase, which includes all elements except for the high-rise office tower, is scheduled for completion in 2015.
About Swire Properties
Swire Properties Inc, headquartered in Miami since 1979, is one of South Florida’s leading international developers of urban office, hotel and condominium 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.
Swire Properties is the U.S. real estate subsidiary of Swire Properties Ltd, now publicly traded. Both are part of publicly traded Swire Pacific Ltd, a Hong Kong‐based conglomerate with operations in trade, property and aviation. These companies form part of the 200‐year‐old Swire Group, which also includes privately held John Swire & Sons, based in Hong Kong and London. Visit Swire Properties’ U.S. website at www.swireproperties.us.
MIAMI | June 27, 2012