Swire Properties, Whitman Family Development Close Deal to Bring Saks Store to South Florida
- Aug 27, 2014
Swire Properties Inc., in a joint venture with Whitman Family Development, reached agreement with Hudson’s Bay Co. for a Saks Fifth Avenue store to open in Brickell City Centre, a planned 565,000-square-foot South Florida shopping center.
“Miami is a gateway for the international consumer, and we know this buyer, understand their lifestyle and their demand for quality and luxury,” Stephen Owens, Swire Properties’ president, said in a company release. “We envision Brickell City Centre as the nexus of Miami’s cosmopolitan lifestyle and booming economic growth, and want to work with brands that are leaders in the luxury market.”
Saks Fifth Avenue will take 107,000 square feet and serve as the center’s lead tenant, occupying three floors with street-level access.
“In keeping with our strategy to take Saks Fifth Avenue to the single most fashionable and global shopping destination, we want to cater directly to our international clientele from this location,” Marigay McKee, Saks Fifth Avenue’s president, said in the release. “Brickell City Centre will provide access to the North and South American sophisticated and selective consumer in the internationally flavored Brickell neighborhood.”
Currently being developed, Brickell City Centre is a landmark $1.1 billion mixed‐use development of 5.4 million square feet, including office, residential, hotel, retail and entertainment space, along with underground parking. The project will span 9.1 acres along South Miami Avenue between Sixth and Eighth streets in the Brickell district of Downtown Miami.
“Bal Harbour Shops has a long and storied relationship with Saks Fifth Avenue. Saks caters to their clients by creating innovative shopping experiences that fuse contemporary culture and high fashion,” Matthew Whitman Lazenby, Whitman Family Development’s president & CEO, said in the statement. “Saks’ continued growth in Miami is evidence of the continued demand for luxury retail in this market, and it is clear they are a powerhouse in that segment and will offer Brickell an incredible selection of the world’s foremost fashion brands.”
As far as the residential component, South Florida has seen a major boom in 2014. Developers are proposing or constructing a combined 186 condo towers with at least 25,150 new units from Key Biscayne north to Jupiter this year.
City Centre’s condos feature as many as five bedrooms, plus several penthouses, ranging from about $3 million to $8 million. Current prices for a one-bedroom unit range from $580,000 to $700,000. Two-bedrooms are generally priced at $700,000 to $1 million, while the larger units range from $2.15 million to $2.7 million.
Another key component of the Brickell City Centre is the planned Metro Mover station, which will connect shoppers directly into the retail center.