Home > Blogs > Eileen Burns 954.483.3912 > Florida Living, Investing & Probate

Florida Trend Magazine Reports Miami Downtown Brickell Financial District Latest CommercialProject

By Eileen Burns 954.483.3912

Commercial Real Estate Agent with Trans State Commercial Realty Inc. 0516472

July 20, 2011 12:43 AM

Development: A big bet on Brickell Key

It may take years for Miami to fully recover from the recession, but one large multinational developer is betting on the city's future with a 9.1-acre, nearly $700-million mixed-use real estate development.

Hong Kong-based Swire Properties, which developed and still owns most of Brickell Key, in May received preliminary city approvals for the development in downtown Miami's Brickell Financial District.

The first phase of Brickell CitiCentre would contain 500,000 square feet of retail shops and restaurants, a 290-room hotel, two office towers and a 270-unit apartment or condominium tower. Swire plans at least one department store anchor and a mix of moderate and luxury national and international retailers, but no "big box" stores.

Downtown Miami finally has the dense 24-hour population, the right income, and the business tourists for this type of retail, says Stephen Bittel, CEO of Miami Beach-based Terranova, a commercial real estate advisory and investment company. But Swire will have to get all the details right — from parking accessibility to the mix of anchor tenants and restaurants, he says.

Swire, Bittel notes, "has the balance sheet to back up their dreams." The conservative company, which says it has enough cash to self-finance the project if it chooses, sat out most of Miami's recent real estate boom. It began assembling parcels for this project in late 2008, spending around $68 million.

The project, the first large-scale one that complies with the city's new
Miami 21 zoning code, could receive final approvals in as little as two months. Construction could begin by the end of this year, and the first phase would be built over four years.

Swire's downtown Miami project rendering

Re-Blog

Comments(4)

Comment

Show All Comments

Sort:

Ron and Alexandra Seigel

Napa Consultants - Carpinteria, CA

Luxury Real Estate Branding, Marketing & Strategy

Eileen,

Glad to hear that new developments are happening in Miami. It is a sign of recovery and confidence, and a beginning. Happy Wednesday. A

Jul 20, 2011 12:47 AM

Marco Giancola

Beachfront Realty - Miami Beach, FL

Realtor (305)608-1922, Miami Beach Florida

Hi Eileen, that is good news for downtown and the people that live there. The 4 years to complete phase 1 doesn't sound very promising though. How many phases will there be?

Jul 20, 2011 01:02 AM

Eileen Burns 954.483.3912

Trans State Commercial Realty Inc. - Fort Lauderdale, FL

FLorida Real Estate Connector

Good Morning Alexandra....this may be a potential client for you...they will need branding for the project! :)

Jul 20, 2011 01:03 AM

Hi Marco - not certain how many phases but the Pulse of Miami happenings is the Brickell corridor. Suggest you drive downtown and experience some of the highlights!

Jul 20, 2011 01:11 AM

Florida Trend Magazine Reports Miami Downtown Brickell Financial District Latest CommercialProject

Comments(4)

Eileen Burns 954.483.3912

Service Areas

Recent Posts

Popular Posts