Swire Properties has secured $140 million in financing to begin work on the first phase of its massive Brickell CitiCentre development, the South Florida Business Journal reported. Thanks to the loan, which comes from HSBC Bank, the first phase of the $1 billion project could be complete before 2015 is through.
The loan will be used to fund design, development and some construction costs for the 520,000 square feet of retail, three residential towers, two 110,000-square-foot office towers, 243-room hotel with 93 apartments and 3,100 parking spaces that comprise the first phase. The second phase calls for a 750,000-square-foot office tower.
The project is planned for 9.1 acres between Brickell and South Miami avenues from Southeast Sixth through Southwest Eighth streets. Swire CEO Martin Cubbon said the development “will transform the Brickell neighborhood” that’s “benefiting from investments by its neighbors from South America.” [SFBJ]