Asian companies helping Miami CRE

Miami /
Jul.July 12, 2011 10:19 AM

Asian companies are behind the two largest commercial projects in Miami
this year, with Hong Kong’s Swire Pacific obtaining approval for
Brickell CitiCentre, and Genting Malaysia Berhad paying $236 million for the
waterfront site of the Miami Herald. The Brickell project is a $700
million plan of retail, hotel, residential and office space. According
to Mayor Tomas Regalado, the Swire project will bring in $2 million in
permit fees next year, along with $5.5 million in annual property taxes.
Regalado visited Taiwan in May, and city officials are planning a trip
to Peru in November. In all, overseas buyers bought $447.9 million worth
of commercial property in the first half of this year in Miami,
according to Real Capital Analytics. “The large-scale projects indicate
the interest to stay in the market a significant amount of time,” said
Ben Thypin, market-analysis director at Real Capital. “I think of Miami
along the lines of a San Francisco or Manhattan.” [Bloomberg]


Related Articles

arrow_forward_ios
830 Brickell and the co-developers Cain's Jonathan Goldstein and Vlad Doronin (Getty, OKO Group / Cain International)
Lease roundup: Canada’s CI Financial picks Brickell for new US HQ
Lease roundup: Canada’s CI Financial picks Brickell for new US HQ
Harvey Hernandez and a rendering of his Brickell project
Harvey Hernandez plans three-tower project on riverfront Brickell site
Harvey Hernandez plans three-tower project on riverfront Brickell site
Vlad Doronin, Jonathan Goldstein and CEO Satya Nadella (Getty)
Microsoft to lease 50K sf office at under-construction Brickell tower
Microsoft to lease 50K sf office at under-construction Brickell tower
3 MiamiCentral (iStock, Poma Architectural Metals)
Lease roundup: Uber takes space in downtown Miami, six retailers open at Brickell City Centre
Lease roundup: Uber takes space in downtown Miami, six retailers open at Brickell City Centre
Pedro Villar of Sunview Companies with the hotel (Marriott, LinkedIn via Villar)
Owner of Aloft Miami Brickell hotel files for bankruptcy
Owner of Aloft Miami Brickell hotel files for bankruptcy
Federal prosecutors allege Naman Wakil laundered ill-gotten Venezuelan contracts with Miami area condo purchases (Getty)
Miami man charged in Venezuelan money laundering scheme, allegedly using proceeds to buy condos
Miami man charged in Venezuelan money laundering scheme, allegedly using proceeds to buy condos
Black Lion CEO Robert Rivani with SLS Lux Brickell (LinkedIn via Rivani, Facebook via SLS Lux Brickell)
Black Lion buys SLS Lux Brickell retail condo for $14M
Black Lion buys SLS Lux Brickell retail condo for $14M
Nadim Ashi of Fort Partners with the hotel (Four Seasons, Fort)
Fort Partners buys Four Seasons Brickell hotel for $130M
Fort Partners buys Four Seasons Brickell hotel for $130M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...