Brickell Citycentre Project Expands, Takes On New Partners

By Author: Andres Leiser
Total Articles: 34
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Swire Properties and Bal Harbour Shops are joining in a partnership to tackle the retail component of the Brickell CityCentre luxury real estate project, located in downtown Miami. The retail center component will take up 520,000 square feet of the 2.9 million square foot real estate project. Bal Harbour Shops has been busy of late, also expanding as they acquired the SunTrust Bank building in Bal Harbour. Matthew Whitman Lazenby, operating partner of Bal Harbour Shops released the statement, “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.”. The luxury retail competition is starting to get more intense as the developer Craig Robins plans to turn the Design District into a luxury retail space to compete with the Bal Harbour Shops and the Aventura Mall. This is all new to the Brickell area which is more of a business and residential real estate area and until not having any high-end retail.

In other Brickell CityCentre news, Swire properties will announce an expansion to the north of their ...
... already-large luxury real estate project. They will be adding a block bounded by South Miami Avenue and Southeast First Avenue, from Fifth Street to Sixth Street to the CityCentre project. That is one of the two blocks of the "Brickell Green Space", two empty blocks that locals were trying to save for a public park. The show All Things Considered on NPR previously made a story about the lack of parks and green space in the Brickell neighborhood. They cited that Brickell was becoming too much of a concrete jungle and needed more parkland. The "Brickell Green Space" campaign release conceptual park plans as they were trying to save the waterfront land as a park. It looks like it was apparently all for not as the land is going to the Brickell CityCentre project. The expansion of the CityCentre luxury real estate project might not be as ideal as a beautiful new park, but it is much better than other alternatives. The Urban Development Review Board of the city of Miami will review the plans for expansion to the luxury real estate project in a meeting on February 4th.

The Brickell CityCentre project is the most anticipated luxury real estate project and is expected to mostly be completed by 2015. Construction is starting to escalate to a feverish pace. The project will include two residential luxury condo towers, the residential center as mentioned above, a condo hotel tower and office and wellness towers. The project will make use of an environmentally progressive Climate Ribbon architectural feature that will allow for innovative climate control. Shoppers will be able to walk in comfort between stores and restaurants.

Further details about the Brickell CityCentre Miami real estate project include a 520,000 square-foot luxury retail center, 120,000 square-feet of office space, a 120,000 square-foot wellness center, 800 condominiums between the two towers, 243 hotel rooms, 93 serviced apartments, 3,100 parking spaces and the innovative Climate Ribbon. The economic impact of the Miami real estate project is as follows: 1,700 construction jobs per year over the four year construction process, 3,700 direct and 2,500 indirect jobs after completion, $5.4 million in add valorem taxes for Miami, $1 million annually for parking surcharges for Miami, $6.1 million in permit and impact fees for the city, $9.6 million annually in ad valorem taxes for Miami-Dade county, $1.2 million in impact fees for Miami-Dade county and $1 billion in overall economic impact. Join Constec realty services Today !

Author's Bio

Andres Leiser is a local contributor for Constec Realty's Miami luxury real estate website. Andres Leiser has been involved in Brickell CityCentre luxury real estate project for over a decade.