Retail Pre-Leasing At Brickell City Centre Weak, Simon Brought In To Help Market Space (Updated)

Swire Properties has signed a deal with Simon Property Group to help lease the retail space at Brickell City Centre, in a three-way partnership with the Whitman family.

The move comes weeks after the developer revealed in a conference call that just 25% of non-anchor space had been leased, a disappointing number.

In 2013, Swire had brought in Bal Harbour Shops owner Whitman as a partner to help lease the space. Whitman may have been unable to achieve the desired results.

Last August, Swire announced that it had signed Saks Fifth Avenue as an anchor. At the time, it seemed that the remainder of the space would be easy to fill.

Whitman previously had a 13.5%, stake in the project, and it is unclear if Simon now owns a portion of that stake, if any (see update below.) In a statement, Swire said that they will remain the primary developer, while Whitman and Simon will share the role of co-developer for the retail component.

In the Miami area, Simon operates Sawgrass Mills and Dadeland Mall, among others.

Brickell City Centre’s retail space isn’t scheduled to open until Fall of 2016.

 

Update: Simon now owns a 25% stake in the retail portion, CEO David Simon said on a conference call. He said that City Centre will be a ‘unique, terrific’ asset that will ‘blow people’s minds away.’

Simon was approached by Swire and has been involved with City Centre ‘for a while.’ They will be managing the mall, have already ‘made a lot of progress on leasing.’

 

PreviouslyWith Saks As Anchor, 25% Of Remaining Brickell City Centre Retail Space Now Leased