Miami -- Swire Properties and Bal Harbour Shops announced Wednesday they have agreed to an equity partnership to jointly develop the retail component of Brickell City Centre, currently under construction in the Brickell financial district of downtown Miami.
The 2.9 million-sq.-ft. Brickell City Centre will include 500,000 sq. ft. of high-end retail along with condominiums and hotel slated for completion in latter 2015.
Swire will remain the primary developer of the mixed-use project, while Bal Harbour will contribute equity and luxury retail expertise as co-developer of the retail component.
The $1.05 billion Brickell City Centre project broke ground in 2012. It will include a shopping center, two residential towers, a hotel, wellness center, serviced apartments, two office buildings, and 3,100 parking spaces. The project is being developed in two phases, with the first phase, including all elements except for one office tower, scheduled for completion in 2015, followed by the final office tower in 2018.