Publicly traded Swire Properties provided shareholders an update on the Brickell City Centre project earlier this month:
Despite a slowdown in Miami’s condo market caused by the strong dollar, new contracts for condo units continue to be signed. As of August 16, the developer has sold 349 out of 390 units at Reach, and 174 of 390 units at Rise
Condo units are being turned over to owners as rapidly as possible, and the company will realize a large profit on them this year
The mall at Brickell City Centre is on track for a November opening
75% of office space at the project is now leased, with WeWork signing a deal for four floors last week
Swire says Miami’s office market is strong, and plans to “nudge up” lease rates on the remaining space
The Sugar rooftop lounge is proving extremely popular, with queues to get in on many nights
The first phase will wrap up with the November 3 opening of the mall. Swire’s Stephen Owens told Miami Today that the developer has a “commitment” to build two more phases over the next eight years.