Swire to partner with Simon for Brickell City Centre retail component

500K sf shopping center to be anchored by Saks Fifth Avenue

Apr.April 24, 2015 02:15 PM

Joining Swire Properties and Whitman Family Development for Brickell City Centre is another retail heavyweight — Simon Property Group. 

Simon will co-develop Brickell City Centre’s 500,000-square-foot retail component, and Swire will retain majority interest, developers announced today.

Whitman, which developed Bal Harbour Shops, and Swire partnered back in January 2013. In August of last year, Saks Fifth Avenue announced that it would anchor the shopping component with a 107,000-square-foot, three-story store, set to open in September 2016.

“There’s actually a considerable amount of [lease agreements] executed, but we aren’t in a position to make a specific announcement,” Debora Overholt, Swire’s senior retail leasing director, told The Real Deal.

Overholt said the three entities complement each other.

“Brickell City Centre is on its way to redefining urban living in the Brickell neighborhood, and we feel that this partnership will further enhance its retail component to offer an unparalleled lifestyle experience in Miami,” Stephen Owens, president of Swire Properties, said in a press release. “Simon Property Group’s and Whitman Family Development’s expertise and proven track record of success in developing and managing high end shopping centers in the United States promises to broaden Brickell City Centre’s appeal to a wide spectrum of visitors, including  Miami’s high-net-worth residents and international clientele.”

When completed, Brickell City Centre, a 5.4 million-square-foot mixed-use development, will have the shopping center, two residential towers, a hotel and two mid-rise office towers.

Akerman LLP will be the lead office tenant at the $1.05-billion development. Earlier this month, Swire announced it was lowering down payments for a condo at one of its Brickell City Centre residential towers, Rise, to 35 percent. Reach will house the Mexico-based ultra-luxury dine-in theater, Cinemex, according to the release. The second phase of construction for the development will begin early next year.

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