Whitman gets $150M loan for Bal Harbour Shops expansion

Luxury mall will more than double in size to 850k sf

Feb.February 09, 2018 11:30 AM

Rendering of Bal Harbour Shops and Matthew Whitman Lazenby

Whitman Family Development scored a $150 million mortgage for Bal Harbour Shops’ expansion, property records show.

SunTrust Bank provided the financing for the luxury shopping mall at 9700 Collins Avenue in Bal Harbour.

The Whitman family secured approval last year for a $400 million expansion and renovation of the high-end mall that will add more than 340,000 square feet to the 511,000-square-foot property. The approval in May capped more than a year of contentious politics, lawsuits and last-minute opposition from anchor tenant Saks Fifth Avenue.

The expansion plans include the first Barneys New York flagship store in the Southeastern United States and new luxury boutiques and restaurants. Bernard Zyscovich of Zyscovich Architects is the lead designer on the project, which could take about eight years to complete.

As part of the renovation and expansion, Whitman is making improvements to the village, including building a new park along the Intracoastal Waterway and a new village hall. The family firm will also widen and improve sidewalks that border the shops, build a 20-foot high wall near single-family homes to limit construction noise and pay for up to 4,500 hours of police protection during the construction phase of the expansion.

Bal Harbour Shops’ founder Stanley Whitman opened the luxury shops in 1965. He died less than a week after the expansion project was approved last year.

Whitman is also a retail co-developer with Swire Properties and Simon Property Group on the retail component at Brickell City Centre. A spokesperson for Whitman could not immediately be reached for comment.

Related Articles

Rendering of the Brickell hotel development, Tony Cho and Robert Finvarb

Finvarb and Cho land construction loan for mixed-use hotel near Brickell City Centre

State report finds open gas valve fueled building explosion at Plantation shopping center

Bayside Marketplace is planning another high-rise entertainment venue with a view

Construction of downtown Hollywood high-rise may start soon

South Florida firm, partner acquire Tampa office building for $29.4M

Developer borrows $105M, breaks ground for mixed-use Flagler Village project

Moishe Mana plans mixed-use project with logistics theme next to airport in Panama

From left: Escada at Bal Harbour Shops, Pronovias on Miracle Mile, and The Casper Wake-Up on Lincoln Road.

New stores opening at Aventura Mall, Lincoln Road, Bal Harbour & more