Swire Properties Inc. broke ground on Brickell CitiCentre, a $1.05 billion mixed-use development in Miami. When completed, the project will contain 5.4 million sq. ft., including a shopping center, two residential towers, a hotel, a wellness center, service apartments and two office buildings with an underground parking garage.
It will also bring in more than $15 million in annual ad valorem taxes for the City of Miami and Miami-Dade County and create 1,700 construction and 3,700 permanent jobs.
As part of the project, Swire Properties will redesign and enhance the Eighth Street Metromover station to integrate it into the Brickell CitiCentre. It will also build two overhead pedestrian crossings connecting the retail center at South Miami Avenue and Southeast Seventh Street.
Swire Properties plans to complete Phase I of the development, which will include everything except the high-rise office tower, in 2015.
“This groundbreaking is a milestone event for us,” said Martin Cubbon, chief executive of Swire Properties, in a statement. “We have spent the past 40 years developing world-class mixed-use properties in Hong Kong and Mainland China, creating places where people can life, work and enjoy life, and we are thrilled to be bringing our visionary approach to the U.S.”
Nordstrom to Open 285,000 SF Store on 57th Street in New York City
Nordstrom Inc. finalized an agreement with Extell Development Co. to open its first full-line store in New York City, at 225 West 57th Street in Manhattan. The 285,000-sq.-ft. department store will sit at the base of a to-be-built mixed-use tower containing hotel and residential space.
Nordstrom plans to open the store in 2018.
The 40,000-sq.-ft. block-through site where the retailer will be located stretches from 57th Street to 58th Street between Broadway and Seventh Avenue. Derek Trulson, of Jones Lang LaSalle, represented Nordstrom in the transaction. Robert Futterman, of RKF, advised Extell Development Co.
CBRE To Lease 42,550 SF Times Square Space
The Durst Organization appointed CBRE Group Inc. as the leasing agent for the retail space at 4 Times Square in New York City. The three-story space, located on the corner of Broadway and West 42nd Street in Times Square, contains 42,550 sq. ft.
The location was formerly occupied by ESPN Zone. It features 9,704 sq. ft. on the ground floor, 13,298 sq. ft. on the second floor and 19,548 sq. ft. on the third floor and comes with prominent wraparound signs above the space for additional brand exposure.
Amira Yunis, executive vice president, Gary Trock, senior vice president, Matthew Krell and Lyle Trued will handle this assignment on behalf of CBRE.
Plaza Construction Group Starts Work on Simon Mall Expansion
KM/Plaza, a South Florida-based general contractor and construction management firm, changed its name to Plaza Construction Group Florida LLC.
The firm has also started work on Simon Property Group’s Dadeland Mall Kendall Wing expansion in Miami. The project includes the demolition of 94,000 sq. ft. of existing space and the construction of a new two-story, 102,000-sq.-ft. mixed-use expansion, as well as the renovation of 47,227 sq. ft. of mall space. The renovation encompasses reconstruction of the mall’s front entrance, installation of new escalators and creating a connection between bridge walkways, as well as the addition of 98,816 sq. ft. of ancillary space and the enhancement of outdoor features.
The project is scheduled for completion in March 2013.