Brickell City Centre’s mall is filing up quickly now that Simon Property Group is a partner in the project.
Swire executives now say that about 90% of the retail space at the project is in advanced negotiations to be leased. About 450,000 of the 500,000 square feet of retail space that is under construction could soon be spoken for.
Pricing for the space is said to be $300 to $400 per square foot, making it some of the most expensive in the Miami area. Simon paid $100 million for a 25% stake, valuing it at $400 million.
An announcement on new tenants is expected soon. One TNM reader who heard the comments from the Swire executive said that two major tenants are set to be announced on July 4. The mall isn’t expected to open until September 2016, later than the rest of the first phase.
Swire has plans to add another 146,000 square feet of retail space, in addition to what is already under construction. The ‘North Squared’ lot will add 78,765 square feet below a 350-unit condo tower (those plans could change, including the possible addition of a fire station.) The 80-story One Brickell City Centre is planned to include 66,915 sf of retail space on the lower levels of the mixed-use tower.