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Swire Releases Quarterly Update On Condo Sales, Retail Leasing At Brickell City Centre

Swire Releases Quarterly Update On Condo Sales, Retail Leasing At Brickell City Centre

A quarterly update on sales and leasing at Brickell City Centre has been released by publicly traded developer Swire Properties.

Residential:

  • Reach condo tower: 363 of 390 units sold, with 51,053 in remaining saleable square footage (0 units sold in the quarter)
  • Rise condo tower: 226 of 390 units sold, with 260,666 in remaining saleable square footage (11 units totaling 16,232 square feet sold in the quarter)

Retail:

The shops at Brickell City Centre remains 89% leased or under Letter of Intent, with no change from the prior quarter.

Future Development:

In total, 1,967,000 square feet remains in planning, with expected completion still be determined. No change from the prior quarter.

 

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Anonymous
Anonymous

The retail isnt gonna change until Swire takes their head out of their ass and stops thinking Dior is gonna lease 10K of SF from them. Put more tenants people can afford theres enough ultra lux shopping in miami

Anonymous
Anonymous

The mall lacks personality

Anonymous
Anonymous

Bayside Marketplace has a hold on your run-of-the-mill mall tenants.

Paul
Paul

I dunno. I go to their Taikoo Li mall in Chengdu all the time and it is fully leased with those kind of retailers in a city where people make a third as much as in Miami. Believe it or not, Swire actually knows what they’re doing and they’re in no hurry to sign a bunch of low-end retailers that would harm the branding and sales of their current tenants.

Anonymous
Anonymous

The mall is empty at all times. Don’t know how these vendors will survive.

Anonymous
Anonymous

Ibwas there today. BCC was busy.

Anonymous
Anonymous

It’s one thing to see people there and another thing to count actual sales.

SRS
SRS

11% vacant does not sound too good for the mall considering is located in the heart of Brickell. I also think they should try to fill the remaining space with more mid-level retailers like Jcrew, Club Monaco, Banana Republic…etc.

Anonymous
Anonymous

None of those retailers are in expansion mode because they are failing brands. BCC needs more experiential retail

Anonymous
Anonymous

Successful project by every measure… reinvigorated Brickell.

anonymous
anonymous

Overstated in every way. Brickell was well on a roll before BCC. Who knows what the true status is of the mall leasing, with the stores taking so long to open (largely due to the slow city permitting and inspection), and already a lot turning over, which isn’t entirely unusual. The big question is how does Swire/Simon/Whitman repopulate the mall as the marginal stores exit? Agree that more local players would be nice. The national brands can be found elsewhere and are fairly boring.

SRS
SRS

I think they need a furniture store, something mid-level like Crate & Barrel, after all there are 30,000 condos + 5,000 apt surrounding the area and more condo buildings in the planning stages.

EJS
EJS

Or Renovation Hardware!

Anonymous
Anonymous

restoration hardware but I don’t recommend because their furnitures too large for Brickell condo units unless its a PH unit.

SRS
SRS

I think a bowling alley could be a great addition to the mall…if there was space for it.

Anonymous
Anonymous

I think it needs a Merry Go’Round and a subway shop.

Anonymous
Anonymous

That mall is very underwhelming. They need more middle-class food and retail options.

anonymous
anonymous

And that will make it overwhelming?

Anonymous
Anonymous

I think it’s better to keep the luxury base, it keeps the quality in a certain level. We don’t want to bring cheap South beach crowed here. Think Brickell like, Soho, Murry Hill, Upper East Side. And there are many inexpensive food options you can eat.

Conga
Conga

It would be interesting to know how stores are really performing.

Anonymous
Anonymous

Wow the sales for Reach and Rise – especially Rise – can’t be good. What’s going on there — is the building not as nice Rise or other buildings in the area?

Anonymous
Anonymous

Reach has much better access in and out of its garage I can tell you that.

Anonymous
Anonymous

Just like many other malls, food and movies keep them barely alive. I dont see people in stores when I’m there.

EJS
EJS

Just how many people do you count in that photo?

Anonymous
Anonymous

“89% leased or under Letter of Intent” … Letter of Intent is nothing more than an expressed interest… can be longgg ways away from signing a lease.

Anonymous
Anonymous

I have personally brought three prospects to the mall during construction. They nixed all three. With deep pockets and a cohesive plan, a landlord can curate a center in anyway they want. Especially, if their center is the only option in the neighborhood with the highest income and education levels in the city.