Whitman gets $150M loan for Bal Harbour Shops expansion

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

Miami /
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

arrow_forward_ios
David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Related Companies Chairman Stephen Ross with One Flagler (Related, Getty)
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Grover Corlew principal Mark Corlew with Bank of America Tower in Boca Raton (Grover Corlew)
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Davie student housing complex scores $62M refi, construction loan
Davie student housing complex scores $62M refi, construction loan
Davie student housing complex scores $62M refi, construction loan
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Alina Residences in Boca Raton (Alina Residences)
El-Ad scores $53M construction loan for Alina Residences in Boca Raton
El-Ad scores $53M construction loan for Alina Residences in Boca Raton
Nathan Reiber was the developer for Champlain Towers South in Surfside (Getty, Levitt-Weinstein Obituary)
Surfside condo developer faced legal trouble in Canada, found clean slate in South Florida
Surfside condo developer faced legal trouble in Canada, found clean slate in South Florida
Rendering of Boca Ice and Fine Arts Center courtesy of Peninsula Ice LLC 
Ice skating gliding into Boca: Arena developers score $14M construction loan
Ice skating gliding into Boca: Arena developers score $14M construction loan
arrow_forward_ios

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

Loading...