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28 Apr 2015

Swire Properties, Whitman Family Development And Simon Property Group Announce Partnership

Strategic alliance established to enhance Brickell City Centre’s premium shopping experience

Swire Properties’ US subsidiary Swire Properties Inc, Whitman Family Development, developer of Bal Harbour Shops, the world’s top performing luxury shopping centre, and Simon Property Group, a global leader in retail real estate, have announced a three-way partnership with Simon Property Group to jointly develop the retail component of Brickell City Centre.

Under the partnership, Swire Properties Inc will remain the primary developer of the mixed-use project, while Simon Property Group and Whitman Family Development will share the role of co-developer for the retail component. Whitman Family Development and Swire Properties Inc entered a partnership in January 2013 to co-develop Brickell City Centre’s 500,000 sq ft shopping centre.

Simon Property Group will bring more than 55 years of international experience in the premium and high-end retail market as well as a highly successful South Florida portfolio, having developed a number of premium shopping centres in the Miami area.

“We are delighted to have Simon Property Group join us and Whitman Family Development on this exciting venture,” said Stephen Owens, President of Swire Properties Inc. “Brickell City Centre is on its way to redefining urban living in the Brickell neighborhood, and we feel that this partnership will further enhance its retail component to offer an unparalleled lifestyle experience in Miami. Simon Property Group’s and Whitman Family Development’s expertise and proven track record of success in developing and managing high-end shopping centres in the United States promises to broaden Brickell City Centre’s appeal to a wide spectrum of visitors, including Miami’s high-net-worth residents and international clientele.”

“We welcome Simon Property Group to the team and are excited to combine our strengths to deliver a diverse and dynamic retail program for the downtown Brickell district,” said Matthew Whitman Lazenby, President and Chief Executive Officer of Whitman Family Development. “This exciting collaboration allows us to further fulfill our shared vision and bring the right mix to Brickell City Centre,” he said.

“We look forward to working with Swire Properties and the Whitman Family to bring a unique and highly desired shopping centre to the Brickell community and urban Miami,” said Richard Sokolov, President and COO of Simon Property Group. “We have already seen strong interest from retailers who have enjoyed great success with us around the country and who are very excited to join us at Brickell City Centre.”

Brickell City Centre has seen several milestones in recent months, including the signing of Saks Fifth Avenue as its luxury retail anchor and the topping off of EAST, Miami hotel, Swire Hotel’s first US venture. The first residential tower, Reach, is now over 80 percent sold, and it was announced that Brickell City Centre will also house the Mexico-based ultra-luxury dine-in theater, Cinemex.