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Bal Harbour Shops in N. Miami Beach to be Expanded After Securing $500M Construction Loan

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For those snow birds who relish the idea of escaping the biting cold of New York every year by migrating down to sunny Florida, the exciting news is that upscale shopping is now being expanded. 

Edited by: TJVNews.com    

A July 2019 report in Miami Herald said that the luxury Bal Harbour shopping center that attracts people from across the globe will now be significantly expanded. The mall which is located at  9700 Collins Avenue in North Miami Beach has secured a $550 million construction loan for its long-awaited expansion, which will add 300,000 square feet of retail space to its existing 463,000 square feet, according to the Miami Herald report.

The South Florida paper reported that the loan was secured from MetLife Investment Management on behalf of the Miami-based Whitman Family Development, which owns and operates Bal Harbour Shops. The real estate firm Holliday Fenoglio Fowler L.P were the ones who deftly secured the formidable loan, which is one of the largest in Miami-Dade history. 

Forbes reported that Chris Drew, a senior managing director with HFF’s capital markets team, said Bal Harbour Shops has maintained its position as one of Florida’s most successful shopping destinations at a time traditional retail centers across the U.S. are losing retailers and big box tenants.

“The loan marks the official launch of the Bal Harbour Shops expansion and represents the growth and strength of Miami’s retail real estate market,” Drew said. “The Shops continues to experience intense demand from both existing tenants and retailers that have been waiting years to join its roster.”

For those who enjoy luxury brands, it was reported that among the new shops to call the Bal Harbour mall home will be Barneys New York, who will be leasing out a 57,414 square foot space. This will mark the first flagship store of the luxury department brand in the southeastern U.S, according to the Miami Herald. 

Barneys first announced that it was coming to Florida in 2017. 

The Neiman Marcus chain will expand by an additional 20,000 square feet. The Miami Herald reported that a new grand entrance on the northeast corner of the property will also be added. Other new tenants will be announced at a later date. Construction on the expansion is scheduled to be completed by early 2025.

Bal Harbour Shops is owned by the Whitman family and is one of the few remaining family-owned malls in the nation. It opened in 1965. There is a waiting list at the shopping center which has operated at 100% occupancy for several decades. Demand for additional space by many existing retailers continues to grow. The mall is currently home to more than 100 global brands, including Chanel, Gucci and Tiffany & Co.

In January 2013, Bal Harbour Shops announced an equity partnership with Swire Properties to jointly develop the 500,000-square-foot retail component of Brickell City Centre in downtown Miami. Bal Harbour will contribute equity, brand recognition and its luxury retail expertise to the project.

 

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