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.
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
The mall lacks personality
Bayside Marketplace has a hold on your run-of-the-mill mall tenants.
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.
The mall is empty at all times. Don’t know how these vendors will survive.
Ibwas there today. BCC was busy.
It’s one thing to see people there and another thing to count actual sales.
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.
None of those retailers are in expansion mode because they are failing brands. BCC needs more experiential retail
Successful project by every measure… reinvigorated Brickell.
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.
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.
Or Renovation Hardware!
restoration hardware but I don’t recommend because their furnitures too large for Brickell condo units unless its a PH unit.
I think a bowling alley could be a great addition to the mall…if there was space for it.
I think it needs a Merry Go’Round and a subway shop.
That mall is very underwhelming. They need more middle-class food and retail options.
And that will make it overwhelming?
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.
It would be interesting to know how stores are really performing.
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?
Reach has much better access in and out of its garage I can tell you that.
Just like many other malls, food and movies keep them barely alive. I dont see people in stores when I’m there.
Just how many people do you count in that photo?
“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.
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.