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Posts Tagged ‘Swire Properties’

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Brickell City Centre

There are so many urban development projects currently going on in Miami that it’s almost impossible to be perfectly updated on each one of them. Large mixed-use developments are being built in various areas, from Doral to Downtown Miami and Bal Harbour, The Miami Design District and Miami Beach. Miami will become one of the most vibrant shopping destinations of the world, a sort of New York   ( Manhattan ), Dubai or Shanghai by the ocean with a sparkling Latino twist. Its identity is clearly evolving from a vacation destination to a more sophisticated and confident international metropolis. Brickell City Centre, developed by Hong-Kong-based Swire properties, is a $1.05 billion/11-acre project, which is currently under construction. It includes 700 Brickell and various blocks just West of Brickell, between SW 7th and SW 8th Streets. Its design should really change the way part of the Brickell area looks, with its see-through roof connecting the various sections of the development, from retail and restaurants to residential, from residential to office spaces. The Whitman Family Development, which owns and manages The Bal Harbour Shops, has signed an agreement with Swire Properties to manage the retail component of the project and recently announced that Saks Fifth Avenue will open a 107,000 sf anchor store there. The first residential tower, Reach, which is planned to be completed at the end of 2015, is said to have sold 70 % of its residences. The second residential building will start selling by the end of the year.

Miami WorldCenter, another major development, which will start construction during the first semester of 2015, in Downtown Miami, West of Biscayne Boulevard and Bayside Marketplace and just East of the future All Aboard Florida or Miami Central train station. The 10-block development will feature residential units, thousands of parking spaces and 765,000 sf of retail, including Macy’s and Bloomingdale’s. Miami WorldCenter is now launching Paramount, its first residential tower.

Expansion of The Miami Design District

Expansion of The Miami Design District

The Miami Design District is being expanded and has been going through major construction over the past two years, especially West of NE 2nd Avenue, between 38th and 40th streets. Miami-based developer Craig Robins will increase its retail space by approximately 30%, offering additional art, dining and luxury shopping experiences with boutiques such as Hermes, Louis Vuitton, Bulgari, Celine, Prada, Cartier and more as well as a few art galeries and furniture showrooms. Also, residential towers such as Baltus House and a large parking are being built. The Miami Design District aims at becoming the point of convergence of art, entertainment and luxury shopping in Miami.

Therefore, wherever you go around these neighborhoods, the value of office, retail and residential real estate is going-up. Its population of residents and businessmen/business women is expanding too.

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A lot of ink has already been used to cover the news about the construction progress of the largest urban development in the Downtown Miami- Brickell area : Brickell CityCenter.The spelling of its name changed over time, going from Brickell CitiCenter to Brickell CityCenter. The mixed-use project broke ground last summer and is planned to be completed in the Fall of 2015. Swire Development, a Hong-Kong-based real estate development company, which has already built most of the office and residential space on Brickell Key, is currently building sf 5.4 millions of retail, office, hotel, parking and will include a stop for the Miami Metromover. Brickell CityCenter will be located on South Miami Avenue, between 6th and 8th Streets, close to the under construction Chabad temple as well as the Mary Brickell Village shopping center. Swire Development are partnering with The Bal Harbour Shops on the retail component.  Both companies are being very secretive about the types of tenants who are signing a lease, however, it has been said that retailers such as Macy’s, Bloomingdale’s and Barney’s New York have been approached.

Brickell_citi_centre_miamiAlso, the project made the news a few weeks ago when it was announced that Swire Development had bought the 1.5 acre lot including the building hosting Northern Trust Bank, located on Brickell Avenue, between 7th and 8th streets, for over $64 millions to further expand Brickell CityCenter along Brickell Avenue. This is adding to the over $1 billion to be spent on the main location of the development, on South Miami Avenue. The project would bring approximately 4,000 additional jobs in Miami as well as a minimum of $50 million in tax revenues for the City of Miami and the County. The Northern Trust location will not be used right away as the bank, which owns the building and the land on which the building sits, is not in a hurry to move to its new Miami headquarters, located at 600 Brickell Avenue.

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Under construction Brickell CityCenter

Under construction Brickell CityCenter

The Miami Brickell area has been transforming itself at a fast pace over the past three years…but this trend is keeping up with a few major real estate projects in the pipeline. Dozens of new constructions residential buildings are being built all over South Florida as signs of market rebound have appeared since 2011. The Brickell area is one of the major Miami developments hubs, featuring a few  under construction residential and mixed-use projects,  pushing us to believe that the real estate market crash took place decades ago. It does seem that empty  buildings that were built in the neighborhood back in 2005-2006 belong to another era. The three main residentials new buildings are Millecento, MyBrickell and BrickellHouse but the most ambitious new construction project is Brickell CityCenter, the over $ 1 billion mixed-use project that broke ground last June just West of Brickell Avenue, on SW 8th Street. The enormous Swire Properties project will showcase office towers, condominiums, restaurants, shops, a department store and a hotel. I also heard about a potential performing center, however I am not sure that it is included in the package anymore. There will be more ways to live, play and work in the area.

The Plaza on Brickell restaurants

The Plaza on Brickell restaurants

Another development pocket, which is much smaller and probably only noticeable by the area residents, restaurant managers and investors is The Plaza on Brickell outdoor shopping plaza, located in front of The Plaza on Brickell condos, located between 8th and 10th Streets, on Brickell Avenue. An Argentinian bakery, cafes and restaurants such as Sushi Siam have opened on the outdoor plaza facing Brickell Avenue and the famous  South Beach China Grill restaurant has planned to open there too. For those who live in the area, this is an additional pleasant dining spot. For those interested in making a real estate investment, now is the time to purchase a condo at The Plaza on Brickell as these new restaurants are adding value to the building.

Two bedroom apartments have been recently selling at The Plaza on Brickell between $345,000 and $580,000 and one bedroom apartments have been selling between $220,000 and $335,000, which are very reasonable prices for a building that offers 24h valet and security, two pools, a fitness center and spa with Lava rock sauna as well as a wine and cigar lounge.

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