Key players partnered in the development of a downtown Miami 500000ft², $1.05bn Brickell City Center project.Swire will take the position as primary developer of the mixed-use project, with Whitman and Simon sharing the co-developer for retail role. The development has been under construction since 2013, with the first phase due to be completed during the third quarter of 2015. The second phase construction will commence during the first quarter of 2016. Along with the 500000ft² shopping center, there will be two residential towers, two mid-rise office towers and a hotel with serviced apartments.
Financial details have not been released. According to David Simon, the CEO and chairman of Simon, the company will hold a 25% share in the retail section and will act as management for the shopping center. The company will also lead the leasing effort.
According to Swire and Whitman a deal has been reached with Hudson’s Bay Co. for the opening of a Saks Fifth Avenue anchor store at the center. Cinemex is also due to appear at the new center.
No other tenant details have been released, but Swire Hotels, which is a sister company to Swire Properties in Hong Kong is due to construct a hotel, called EAST, Miami. The hotel will offer 89 serviced apartments and 263 luxury guestrooms. The first residential tower, Reach, is more than 80% sold. Ackerman LLP, the largest Florida law firm, has been named as the anchor in Brickell City Center Green.