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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.
About Bal Harbour Shops
Opened in Miami, Florida in 1965 by retail visionary Stanley Whitman, Bal Harbour Shops was the first all luxury fashion center featuring high-end retailers in a tropical, open-air setting. Bal Harbour Shops quickly became the most exclusive shopping destination in the country with record-setting sales and has remained the industry leader. In 2012, due to its enduring appeal to a blend of foreign, short-term visitors, seasonal residents, and a loyal local consumer, Bal Harbour Shops topped the list as the most productive luxury shopping center in the entire world, according to data compiled by the International Council of Shopping Centers. Three generations of the Whitman family remain steadfast in their shared vision for this fashion mecca and unwavering in their commitment to its continued success.
About Swire Properties
Swire Properties develops and manages commercial, retail, hotel and residential properties, with a particular focus on mixed-use development in prime locations at major mass transportation intersections. Listed on the Main Board of the Stock Exchange of Hong Kong, the Company's investment portfolio in Hong Kong totals over 17 million sq ft (over 1.58 million sqm)* of gross floor area, with Island East and Pacific Place as its core holdings. In addition to Hong Kong, the Company has significant investments in Mainland China, the United States and the United Kingdom.
In Mainland China, Swire Properties has a portfolio amounting to over 13.5 million sq ft (approximately 1.26 million sqm)*, including five mixed-use developments in Beijing, Guangzhou, Chengdu and Shanghai. Of these, Sanlitun Village and INDIGO in Beijing and TaiKoo Hui in Guangzhou have opened.
Since 1980, the Company has been developing investment and trading properties on the island of Brickell Key in downtown Miami, Florida where it has created an acclaimed residential and commercial portfolio, including the new large-scale mixed-use project, Brickell CityCentre.
Through Swire Hotels, the Company also creates and manages intriguing urban hotels in Hong Kong, Mainland China and the United Kingdom, aimed at providing an exceptional experience for travellers who seek individuality, style and personalised service.
Visit Swire Properties' website at www.swireproperties.com.
* Gross floor area in respect of 100% of the properties excluding car park areas and not on an attributable basis.