15 February 2012

Swire Properties Announces New Brickell CitiCentre Project in Miami, Florida

Swire Properties has announced its plans for a major new mixed-use development in Miami, Florida. This is Swire Properties’ first mixed-use development in Miami and largest single project in the city to date, although the Company has 30 years of development experience on the nearby island of Brickell Key.


Located strategically in the centre of the Brickell financial district of Miami, the Brickell CitiCentre development will offer a gross floor area of approximately 2,891,000 sq ft (excluding car park), including 520,000 sq ft of shopping and dining, three office buildings, two residential towers and a 243-room hotel with 93 serviced apartments. In keeping with Swire Properties’ well-established policy of focusing on key transport nodes, the site incorporates a station on the Miami Metromover light rail and offers easy access to Interstate 95. The Company acquired the four parcels of land which make up the 394,000 sq ft site in 2008 and 2011, and expects to begin construction by the second quarter of 2012.


“We are very excited about this project,” said Swire Properties’ Chief Executive Martin Cubbon. “We felt that acquiring the site at Brickell CitiCentre was a compelling investment, in that it offers us a rare opportunity to develop within the heart of a thriving financial district. We’re very keen to expand our presence in Miami by doing what we do best — developing large-scale, mixed-use complexes anchored by retail.” 


Explaining the choice of Miami, Florida for the Company’s latest development, Cubbon remarked, “We are a highly-respected developer in Miami, with 30 years of operational experience in the city and strong relationships with the community. Miami’s economy is benefitting from investments from its southern neighbours in South America, and we see strong growth potential for the city. The location of Brickell CitiCentre offers an excellent opportunity to attract business both from local businesses and residents as well as visitors. We’re confident that Brickell CitiCentre will transform the Brickell neighbourhood and become a key urban destination.” 


The Brickell CitiCentre project will be developed in two phases, with the first phase, including all elements except for one office tower, scheduled for completion in 2015, followed by the final office tower in 2018.


The Company has commissioned renowned Miami-based architectural firm Arquitectonica to spearhead the project; Arquitectonica has worked with Swire Properties on several other projects in the past, including TaiKoo Hui in Guangzhou, the Company’s flagship development in Mainland China.


Whilst continuing to expand its portfolio selectively overseas, Swire Properties will focus primarily on developing its core business in Hong Kong and Mainland China with large-scale, mixed-use projects.