Bal Harbour Shops to Undergo $400M Expansion
- May 19, 2017
Bal Harbour Shops, the renowned 511,400-square-foot luxury retail destination in Bal Harbour, Fla., is on the verge of a $400 million makeover. This week, the Bal Harbour Village council gave the long-awaited final green light for Whitman Family Development, owner and developer of the 52-year-old The Shops, to increase the size of the open-air shopping center to approximately 860,000 square feet.
The demand for such a large delivery of retail space already exists, according to Whitman Family Development. “While mid-market centers are clearly being impacted by customers’ changing preferences, including online shopping, the high-quality/luxury retail sector that Bal Harbour Shops specializes in is moving in the opposite direction,” Courtney Lord, vice president for leasing with Whitman Family Development, told Commercial Property Executive. “Demand for the goods and services that Bal Harbour Shops offers its customers is in greater demand than ever.”
The enhancement plan calls for the addition of roughly 340,000 square feet, approximately 55,000 square feet of which will become home to the first Barneys New York flagship store to open its doors in the southeastern U.S. Other changes will include the upgrading of the existing 93,000-square-foot Neiman Marcus, which will get a little more floor space with the addition of 20,000 square feet. The plan also calls for approximately 265,000 square feet of new dining options and other boutique offerings. It’s a lot of new square footage to fill, but Whitman Family Development is confident about being able to maintain a full tenant roster.
“Our customers, who include a large number of foreign and domestic visitors, consider the Shops a must-visit destination while in Miami. Tenants are therefore eager to enter the market or expand their existing stores here to be the best emporiums in the world,” Lord said. “So, while Bal Harbour Shops has always operated at full occupancy, this expansion will allow us to meet the pent-up demand from consumers and retailers, alike.”
The recently approved enhancement plan will add more than just new retail options to 9700 Collins Ave. It will also shine the light on Whitman Family Development’s longtime commitment to community with the allotment of $100 million in public benefits ranging from a new waterfront community park to a public plaza to infrastructure upgrades in the Village.
The Shops’ enhancement plan will be executed in phases over a five- to six-year period beginning in late 2017.
Images courtesy of Whitman Family Development