Swire Properties announced to shareholders in August that Brickell City Centre was a success. The development is yet to be complete yet has sold 349 out of the 390 condo units at Reach and 174 of 390 condo units at Rise, the projects two residential high-rises. They also just received their Temporary Certificate of Occupancy (TCO) for their Rise condo tower, allowing buyers to start closing on their units. This marks the end of the residential and hotel parts, as well as the Three Brickell City Centre office building part of the project completed, and just the shopping mall and second office tower are still under construction. The Shops at Brickell City Centre, the retail mall, is scheduled to open in November and they recently released a list of stores with luxury names including Saks Fifth Avenue, Audemars Piguet, Richard Mille, Bally, Agent Provocateur and many more. 75% of the office space is under-contract to lease. WeWork signed a deal for close to 50% of the total office space last week. As Miami continues to evolve, commercial rates continue to rise. The residential rental rates remain to be seen. Swire properties is committed to completing two more phases of the project over the next 8 years.
The Real Estate Mogul's Guide to South Florida
