Barney’s to anchor 300,000-sq.-ft. addition to Bal Harbour Shops
If you owned, arguably, the nation’s most productive shopping real estate with sales of about $3,000 per square foot, would you think of expanding it?
You’d better believe you would, and the Whitman family did.
Miami’s legendary Bal Harbour Shops will increase in size by two-thirds, according to owners Whitman Family Development, which has secured $550 million in financing for a 300,000-sq.-ft. addition. More than 57,000 sq. ft. of that will be occupied by the new phase’s anchor, Barney’s New York
Holliday Fenoglio Fowler, which arranged the financing, called it one of the largest construction loans ever to close in Miami.
“Bal Harbour Shops maintains its position as the most successful, high-end shopping destination in Florida and one of the most productive in the world,” said HFF senior managing director Chris Drew. “The Shops continue to experience intense demand from both existing tenants and retailers that have been waiting years to join its roster.”
Saks Fifth Avenue and Neiman Marcus serve as the current anchors at Bal Harbour, which also feature such luxury brands as Chanel, Gucci, Van Cleef & Arpels, Tiffany & Co., Salvatore Ferragamo and Valentino.
Located between the Atlantic Ocean and the Intracoastal Waterway, Bal Harbour Shops was completed in 1965 as the first all-luxury fashion shopping center. It lies within one mile of numerous five-star hotels, including The St. Regis Bal Harbour, the Ritz Carlton Bal Harbour and The Four Seasons Hotel at the Surf Club.
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