Potential tenants are in advanced negotiations to lease 90 percent of the retail space at Brickell City Centre, a $1.05 billion mixed-use development under construction in Miami’s Brickell Avenue financial district.
Scheduled to open in about a year, the development will encompass 5.4 million square feet of office, residential, hotel and entertainment space.
During a tour of the construction site, Debora Overholt, retail executive of Swire Properties, the developer of Brickell City Centre, said retailers are in advanced talks to lease 450,000 of the 500,000 square feet of retail space planned for the multi-use development.
Swire already has announced that Saks Fifth Avenue will open a 180,000-square-foot store at Brickell City Centre, and that Cinemex will operate a luxury movie theater there.
Overholt said luxury retailers will occupy first-floor spaces, which will have the higest rents. Middle-market merchants will occupy second-floor spaces, and a variety of dining locations will be located on the third floor. [South Florida Business Journal] — Mike Seemuth