Brickell City Centre Takes Shape in Miami

ricardo, Jun 24, 2014 12:30:35 PM

Widely regarded to be the centerpiece of redevelopment in Downtown Miami, Brickell City Centre, a 9-acre mixed-use development long in the planning stages, has finally taken shape. This Centre will be a catalyst for other projects in Brickell and Miami, creating the required density expected in an urban, if tropical, environment.

Brickell City Centre will rise due west of Brickell Avenue to SE 1st Avenue between SE 5th and SE 8th Streets. This $1.05 billion project, being developed by Hong Kong based Swire Properties, will be built in two phases. Phase 1 includes: a) a four-story high-end shopping mall, b) a hotel, c) two residential towers with a total of 820 units, d) an entertainment space and e) a wellness tower. Phase 2 includes: a) One Brickell City Centre, an 80-story mixed-use tower featuring hotel, condominium and class-A office components at the corner of Brickell Avenue and SE 8th Street and, b) potentially, another residential tower at Brickell Avenue and SE 5th St due to open in 2019.

The three-story outdoor high-end shopping mall is being co-developed by the Whitman family, the same owner as the fabulously successful Bal Harbour Shops, and it’s rumored that a department store the likes of Harrods, Neiman Marcus, or Saks may become an anchor tenant. Balenciaga, Bottega Veneta, Miu Miu, Celine, Dodo Jewelry, Eataly, Apple, Buddakan and Topshop are said to have already signed leases for the center. A unique Climate Ribbon™ glass and steel trellis system will create a comfortable microclimate for shoppers by maintaining airflow and cooling while at the same time putting its architectural stamp on Brickell City Centre.

East Miami Hotel, a new Swire hotel chain with lifestyle business hotels in Hong Kong and Beijing has been selected as the main hotel. Doors will open in late 2015 or early 2016 for the 263-room and 89-serviced- apartment hotel. The 80-story tower in the second phase, One Brickell City Centre will also have a hotel component that will open in 2019. A “wellness” tower will serve the Miami medical tourism market and there will be an entertainment space and parking for over 2,600 cars.

The two condo buildings, the West and North towers, have gone on pre-sale in the last two weeks with prices, excluding penthouses, ranging from $550,000 to $2.5 million. Like most other developers in Miami, Swire Properties has embraced the buyer-deposit model that has dominated Miami condo construction in the latest cycle: 20 percent down payment at contract signing, 15 percent due 120 days later; another 15 percent due 240 days after the contract date; and the remaining 50 percent due at closing.

Brickell City Centre has been and will continue to be a catalyst of a host of other residential and commercial projects in its orbit (i.e., SLS Lux, SLS Hotel & Residences, Brickell Heights, Brickell Flatiron, etc.). Downtown Miami is finally becoming relevant, as the population has nearly doubled over the past decade, from less than 40,000 at the millennium to more than 75,000 today. To be a truly urban environment, however, Miami still needs more density. Brickell City Centre will be a great catalyst to increase density to the Downtown Miami, and the Brickell neighborhood in particular.