The largest single change year-over-year in terms of market drivers has been the opening of the Brickell City Centre mall, a 500,000 SF + high-end retail destination anchored by a Cinemex movie theater and a Saks Fifth Avenue department store. The center, which opened for previews in November 2016, is the largest single shopping location in greater downtown and represents its first regional mall.
Lot Size: 30,000 SF / 0.69 AcresBuilding Size: 11,815 SFZoning: T6-24-OHeight Restriction: 24 StoriesYear Built (Existing): 1968, 1977 & 2010HVAC: Wall A/CConstruction: CBSRoof: Flat/ Built Up TarFolio: 01-0207-000-1050; 1060; 1070; 1080
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Apple will launch its largest store in Florida at the upcoming Brickell City Centre, sources told The Real Deal.
The Apple store will be among about 70 stores and restaurants at the open-air shopping center set to open this fall, including luxury boutiques Valentino and Chopard.
Swire Properties, Whitman Family Development and Simon Property Group are co-developing the 500,000-square-foot center that will feature a “climate ribbon.” The 1,000-foot-long twisted strip of steel and glass is meant to block rain and focus breezes through the retail areas, replacing air conditioning.
An Apple spokesperson said the company “hasn’t made any announcements about a store at that location,” and a Swire spokesperson declined to comment regarding Apple.
Apple already operates several stores in South Florida, including on Lincoln Road in Miami Beach, at Aventura Mall, Dadeland Mall and the Falls.
At Brickell City Centre, other tenants announced in January include:Apparel: Armani Collezioni, BDBA, Crocus, Intermix, Koko & Palenki, LIVE!, Orlebar Brown, Rhythm of Grace, REISS, SportsAction, Sundek, 120% Lino, In-Sight
Fashion and personal accessories: Addict, Audemars Piguet, Caudalie, Designer Eyes, Font, Italia Independent, Kendra Scott, Kreations, Leetal Kalmanson, Nars, Pandora, Richard Mille, Westime
Dining: American Harvest, Big Easy Winebar & Grill, Calissons du Roy René, DAVIDsTEA, Dr Smood, Häagen-Dazs, Luke’s Lobster, Santa Fe, Taco Chic
Arts and services: AT&T, Bojanini Art Gallery, Brickell Nail Bar, Musart, Sean Donaldson HairIn November, the developers announced they had signed Acqua di Parma, IRO, Stuart Weitzman, Coach and Porsche Design, as well as Michele Lopriore, Mirto, Adolfo Dominguez, Capritouch, Santa Maria Novella, Diptyque and Nest Casa.
Those tenants will join eateries at Brickell City Centre such as Pubbelly Sushi, Pasión del Cielo, Quinto La Huella and Sugar; and retailers that include Giuseppe Zanotti Design, La Perla, Bally; European brands Ted Baker, Agent Provocateur, 100 % Capri, Addict, Vilebrequin, APM Monaco, Cole Haan, lululemon, Illesteva, Harmont & Blaine and OndadeMar; as well as designer boutiques Valentino and Chopard.
Luxury stores will be located on the first floor, with premium and contemporary retailers on the second and third floors. The shopping component, anchored by a three-floor Saks Fifth Avenue, will include street-level access to an underground two-story garage.
When completed this year, Brickell City Centre will have two condominium towers, two Class A office buildings, and its EAST, Miami Hotel. The development is valued at $1.05 billion.
Brickell City Centre is a landmark $1.05 billion, 5.4 million square feet, mixed-use development in downtown Miami from Swire Properties, one of South Florida’s leading international developers of real estate known for its $1 billion master-planned development of Brickell Key.
The project’s first phase includes a luxury shopping center, two residential towers, a hotel with serviced apartments, a wellness center and a Class A office building. The project is LEED®-registered for Neighborhood Development – currently one of the largest in the U.S. Sustainability elements include the exclusive CLIMATE RIBBON™, an elevated trellis composed of steel, fabric and a continuous surface of glass that will connect all components of the development and create a comfortable microclimate for shoppers.
As the largest private-sector project currently under construction in Miami, Brickell City Centre is scheduled to begin vertical construction in 2013 with first phase completion scheduled for third quarter of 2015. A second phase of construction will begin in the first quarter of 2016.
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Just steps away from upcoming Brickell City Centre, Miami’s newest and most extravagant shopping and lifestyle destination, SLS LUX offers residents ultimate access in an oasis of exclusive privileges. Sophisticated designer interiors, original works of art by contemporary masters, private rooftop pool terraces, celebrity chef restaurants, and limousine service to a chic private beach club are among the many features, amenities, and services designed to indulge the most discriminating clientele.
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43-story tower designed by internationally acclaimed Arquitectonica
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Stunning residential towers located in the heart of Brickell doorsteps to Luxurious shopping and fine dinning at 5MM Sq.Ft. Mix Use Brickell City Center and Mary Brickell Village.
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Designed by legendary artist Julian Schnabel and architect Luis Revuelta, this tower of soaring glass with sweeping exposures is contrasted by the romance of Renaissance-revival interiors with a modern edge. Brickell Flatiron’s architectural design introduces flowing, curvilinear forms to accommodate spacious floor plans. Panoramic views of Biscayne Bay and the Miami skyline are enhanced by wide, elliptical terraces.
Located at 1300 South Miami Avenue in Brickell. It will have retail at the ground level featuring 3 on-site restaurants - including world-renowned Katsuya by Stark, Bazaar by Jose Andres, and a restaurant by MichaelSchwartz of Michael’s Genuine.
Imagine your life living with all these sophisticated amenities and with a central location, walking distance to all the important office buildings in Brickell, restaurants, shops, Mary Brickell Village and the upcoming Brickell City Centre.
SLS Residences will be 1-bedroom, 2-bedroom and 3-bedroom units. Penthouse units will feature 12 foot ceilings (floor plans being designed)
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Industry experts say Miami’s hotel market could be reaching its peak in 2016 as revenues and occupancy rates begin to level out.
Last year was solid for the individual hotels that make up Miami’s leisure industry: more than 44 million travelers passed through the Miami International Airport, a bevy of new hotel developments opened their doors and room rates saw steady gains compared to 2014.
Occupancy rates hovered around 78 percent, mostly flat from the previous year, and hotel owners’ average revenue per room grew to nearly $153 — about a 6 percent jump, according to year-end data from STR.
“On one hand there’s a story about what’s going on at the property level, and then there’s a separate story about how buyers and sellers and lenders are acting right now and how the transaction market has been,” Max Comess of brokerage HFF said. “The stories have been a little disconnected.”
Comess said turmoil in global markets has started to put a damper on activity from certain investment groups and lenders as their strategies become more cautious. Plunging stock markets hurt real estate investment trusts in particular, he said, whose share prices “fell precipitously” compared to the highs seen earlier in 2015. One example of that early-year bravado was the $278 million sale of the former James Royal Palm in South Beach to the Chesapeake Lodging Trust.
That closing came in February, which also saw the $230 million sale of the Miami Beach EDITION to the Abu Dhabi Investment Authority “The REITs for the most part have exited the market,” Comess said. “They were really driving South Beach, downtown Miami; a lot of the resort markets throughout the state.”
Another factor playing into the market right now is a strong U.S. dollar shrinking the appetite of foreign travelers and investors, he said.
Less purchasing power for tourists abroad roughly equates to fewer hotel rooms booked. South American countries in particular are facing harrowing economic conditions, which Comess said is troubling because Miami is such a hub for that continent.
However, Comess said these trouble spots don’t mean Miami’s hotel sector is in bad health. If anything, it’s “bouncing off the top” as it starts aging into its golden years. Wendy Kallergis, president and CEO of the Greater Miami and the Beaches Hotel Association, would agree.
“It’s going to even out because we had so much growth in 2015,” she said. Hotels this year got a slow start, she said, at least partially because the northern states enjoyed warmer holidays than usual. But she expects business to return to normal during the spring, especially with big-ticket events like the annual Ultra Music Festival bringing in travelers.
She also said occupancy leveling out is a byproduct of more hotels opening their doors as opposed to a decrease in demand. Miami Beach alone saw the opening of the Edition, Faena Hotel, Nautilus, Aloft, Hyatt Centric, Hampton Inn Miami South Beach and 1 Hotel South beach, altogether bringing just under 2,000 rooms online in a single year. That trend will likely continue as the EAST Hotel at Brickell City Centre, Langford Miami in the downtown area and the Surfside Residence Inn all open this year.
And while the market maturing usually means a return to stability, the year will not be without its trials, experts say. “We expect this year to be challenging. The Miami Beach Convention Center is closed; several hotels are already reporting that this is leading to a loss of business,” Paul Weimer, vice president of brokerage CBRE’s hotel division, said .
[The convention center is not fully closed as events like Art Basel will still take place there, but it is taking no new reservations while renovations are underway.] “The dollar has remained strong, making it more expensive for international travelers. Many of our feeder markets continue to experience economic issues… I think we will be very lucky if RevPar ends unchanged year over year.”