The Real Deal Miami

Simon’s share of Brickell City Centre valued at $100M

Simon Property Group has a 25 percent stake in the retail component
By Katherine Kallergis | May 18, 2015 03:45PM

Rendering of Brickell City Centre

Rendering of Brickell City Centre

Simon Property Group’s share of Brickell City Centre’s retail component is valued at $100 million, according to the retail giant’s quarterly 10-Q SEC filing.

Simon, which in April announced it had joined Swire Properties and Whitman Family Development to jointly develop the 500,000-square-foot retail portion of the massive mixed-use development, did not disclose its stake in the shops at Brickell City Center at the time — 25 percent, as first reported Monday in the South Florida Business Journal.

Whitman, which developed Bal Harbour Shops, and Swire partnered back in January 2013. In August of last year, Swire announced that Saks Fifth Avenue would anchor the shopping component with a 107,000-square-foot, three-story store, set to open in September 2016. Swire also said that Mexico City-based Cinemex will open its first cinema in the United States at Brickell City Centre.

“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 in April.

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.