Swire, Whitman Sign Deal with Retailer to Anchor $1 Billion Mixed-Use Project in 2016
Leading luxury retailer Saks Fifth Avenue has signed on to anchor Brickell City Centre in Miami, FL with a 107,000-square-foot department store. Due to open in fall 2016, the lead tenant will occupy three floors with street-level access.
This is the first announcement by Swire Properties, Inc. and Whitman Family Development about a retailer at its highly-anticipated shopping center. When completed, the store will be the largest Saks to open in Miami in more than 30 years.
One of the largest construction projects in Miami, the 9.1-acre, $1.05 billion mixed-use Brickell City Centre will be a city within a city. Currently under construction, the development project will eventually offer more than 5.4 million square feet of office, residential, hotel, retail and entertainment space complete with underground parking. Saks will occupy space in a planned 565,000-square-foot shopping center there.
"Miami is a gateway for the international consumer and we know this buyer, understand their lifestyle and their demand for quality and luxury. 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," said Stephen Owens, president of Swire Properties. "Saks Fifth Avenue is a world-class retailer and a perfect department store for Brickell City Centre."
Saks is targeting Brickell's international retail appeal, with City Centre set to bring high-end urban living to the neighborhood, spanning 9.1 acres along South Miami Avenue, between Sixth and Eighth Streets in Downtown Miami's financial district.
Marigay McKee, president of Saks Fifth Avenue says, "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. Brickell City Centre will provide access to the North and South American sophisticated and selective consumer in the internationally-flavored Brickell neighborhood."
Swire Properties, headquartered in Miami since 1979, is one of South Florida's leading international developers of urban real estate. They've partnered with Whitman Family Development, developers of the acclaimed Bal Harbour Shops, on the retail portion of this project.
"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," said Matthew Whitman Lazenby, president and chief executive officer of Whitman Family Development. "Saks’s 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."
Hudson's Bay Company (TSE: HBC), founded in 1670, is North America's longest continually operated company. Today, HBC offers customers a range of retailing categories and shopping experiences under its leading banners, including Hudson's Bay, Lord & Taylor, Saks Fifth Avenue and Saks OFF 5TH.