Retail Sales At Brickell City Centre Are Up 34% In 2019, But No Update On Expansion

Sales volume at Brickell City Centre’s shopping mall is up by double digits compared to last year, according to developer Swire Properties.

There doesn’t appear to be any update on the development of the 80-story One Brickell City Centre, or any other expansion of the mixed-use project.

Swire’s earning report to shareholders on Friday provided details on performance at the mall. For the nine months ending on September 30, 2019, retail sales increased 33.7% at Brickell City Centre over the prior year.

Occupancy at the mall was 87% as of September 30, compared to 90% three moths earlier (tenants that have signed a letter of intent are included in the numbers).

On the residential side, Reach Brickell City Centre is now 94% sold with 365 units, while Rise is 72% sold, or 282 units. Prices at Reach are in the mid $600s per square foor, and are in the upper $600s at Rise.

Office space at Brickell City Centre remained steady at 100% occupied.

Separately, a presentation today by Swire still lists the 80-story One Brickell City Centre as under planning. There doesn’t appear to be any capital committed by the developer to the project over the next few years.

Swire’s stock has fallen sharply in Hong Kong this year.

 

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Anonymous

Tobacco Road area will go next (rumored $800-$850/sqft), before they do One Brickell. Especially because it will block some views for Rise. They aren’t going to shoot themselves in the foot before selling out.

Anonymous

They should add a target store or a wholefoods to brickell centre

Anonymous

I have been hearing Trader Joes is going in at 8th & SW1st. I did wish BCC would have more restaurants.

Anonymous

Wow, they can’t seem to sell any units. How many in the past 1-2 years?

Anonymous

Respectfully, you should pay more attention. I’m surprised at the progress they’ve made – see previous update for context.

Anonymous

647 units out of 780 ain’t bad.

Anonymous

Check was 2018 numbers.

Anonymous

As a resident, I can tell you first hand they have been selling steadily since ISG took over. It’s slow progress but its a buyer market so expectation need to be curbed.

Anonymous

Theyve sold 2 units in six months per their numbers in Reach so it doesnt look like the numbers are particularly good. It is 94% sold which is good and the unsold units could be the pricier higher floor ones but we dont really know.

The other building which is less sold out has sold 12 units in 6 months, but only two last quarter. I believe that was at Rise which was the pricier of the two. According to this article though, the prices between the two are comparable now? This would be in line with the grumblings that the condo market is finally going into a correction.

Its good to see the retail is doing well. Its adding some much needed foot traffic into the core.

Brickellite

Yes, correct , I recently looked at a unit in Reach on the 43rd floor lower penthouse, they are asking 4.4 mil, which is a out 2500 a sq ft, I dont see any comps to justify the price, those are the units swire is hanging to…I made an offer which was declined…

Anonymous

Send me an email If your still interested in this PH unit at the Reach. I’m part of the sales team We might be able to work this out for you depending on your offer. I can help you save my email is DBadamo@relatedisg.com

BCC mi amor!

Retail sales are still dramatic for most of the tenants! I know several personally and they are dying there!

Anonymous

I wouldnt expect an expansion any time soon. The condo market is entering a rough patch and they look to be struggling to move whats left of their existing inventory.

The retail is doing well, but Im wondering why we havent seen that Singha bar and the rest of the top floor open yet. It was scheduled for May and it looked really cool but nothings come of it. Id say the biggest weakness of the place is a lack of good night spots and the Singha Bar would be awesome.

Anonymous

“Swire’s stock has fallen sharply in Hong Kong this year.”

Likely more to do with the authoritarian, tyrannical government on the mainland assaulting Hong Kong’s autonomy than retail climate.

Anonymous

up 34% from what ??!! LMAO

Anonymous

From zippo, which is nothing. Every time I’ve visited BCC, it’s dead. And, I’m talking weekends as well. Meanwhile, Dadeland, Dolphin, and Aventura Mall are slam packed.

Anonymous

The retail is doing well. It is a tough niche type of thing to establish in light of e-commerce growing. They did an outstanding job with the entire project retail and condos. Also, this success of condo sales is also in this era of a strong US dollar. Miami’s condo sales are correlated to the US dollar.

Anonymous

When all is said and done/built hopefully, where do you guys think the “center” part of miami will be brickell or world center? Can at some point in time world center be more desirable than brickell?

Anonymous

WC is a shambolic joke

Anonymous

can you elaborate? I am really curious what the local view in miami is on brickell vs WC? is brickell considered the prime established center that will always be #1?

Anonymous

There is no elaboration to be made… you’re just witnessing a witty use of words to make this person appear to know what he/she is talking about.

Anonymous

so indirectly you are saying that brickell is and continue to be the place to be?

Anonymous

I’m saying that you can’t judge the MWC project yet because it’s still ongoing including the transformation of the entire downtown area. Look, Miami Central and the towers above it are not even finished yet.. so no, you can’t compare downtown to Brickell yet. Plus, they’re two different areas separated by the river.