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31 Jan 2013

Swire Properties and Legendary Bal Harbour Shops Reach Agreement to Co-Develop Retail Component at Brickell CityCentre

Swire Properties and Bal Harbour Shops today announced they have agreed to an equity partnership to jointly develop the retail component of Brickell CityCentre in Miami, Florida. Under construction in the Brickell financial district of downtown Miami, the 2.9 million sq ft (excluding carpark and circulation areas) Brickell CityCentre will include a high end 500,000 sq ft retail centre, to open along with condominiums, hotel and other elements of the project in the third quarter of 2015.

Under the strategic alliance announced today, Swire Properties will remain the primary developer of the mixed-use project, while Bal Harbour Shops will contribute both meaningful equity and its brand recognition and luxury retail expertise as co-developer of the retail component.

The venture bolsters the vision that Swire Properties has for Brickell CityCentre becoming the leading destination in the heart of Miami for exclusive shopping and dining. As the creator of one of the world’s most renowned collections of high fashion retail and, according to the International Council of Shopping Centers, the world’s top performing shopping centre, the Bal Harbour Shops team brings years of proven experience and relationships with the world’s leading fashion companies.

“We are honored to have Bal Harbour Shops join us as co-developer of the shopping centre at Brickell CityCentre,” said Stephen L. Owens, president of Swire Properties Inc, the US operation. “Built over generations, the credibility of Bal Harbour Shops with the luxury retail market, evidenced by the extraordinary sales performance of its centre in Miami, will be of tremendous value to the market positioning of Brickell CityCentre as a destination shopping experience for residents and visitors alike.”

“Knowing Swire Properties for their international expertise in creating multi-level, design-driven retail centres with a vibrant mix of synergistic uses, we see Brickell CityCentre to be a strategic fit enabling us to meet the increasing demand for high-end brands by shoppers from all over town and, indeed, from all over the world,” said Matthew Whitman Lazenby, operating partner at Bal Harbour Shops and grandson of Stanley Whitman, the centre’s original developer. “With its immediate proximity to a thriving and affluent residential neighbourhood as well as its enviable access to the flourishing Brickell-area tourism and hospitality markets, this is a truly inimitable retail location and we look forward to working with Swire Properties on fulfilling what is now our shared vision for Brickell CityCentre.”

The US$1.05 billion Brickell CityCentre project broke ground in 2012. It will include a shopping centre, two residential towers, a hotel, a wellness centre, serviced apartments, two office buildings, and 3,100 car parking spaces. The project is being 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.