Whitman Family Development, the family-owned company that pioneered the concept of an open-air retail destination with the creation of Bal Harbour Shops, has submitted plans for a mixed-use development that will further enhance the 18-acre property with the addition of attainable and market-rate residences and a boutique hotel in the heart of the commercial district of the Village of Bal Harbour, Florida.
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HFF Secures $550M Loan For Expansion Of Luxury Retail Destination Bal Harbour Shops
Holliday Fenoglio Fowler, L.P. (HFF) has announced that it has arranged $550 million in financing for the expansion of the iconic Bal Harbour Shops, a 463,114 SF, open-air, fully leased global, luxury shopping destination anchored by Saks Fifth Avenue and Neiman Marcus along Miami Beach in Bal Harbour, Florida. The loan is one of the largest construction loans ever to close in Miami.
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Barneys New York To Open First Florida Location As Anchor At Bal Harbour Shops $400 Million Expansion
Barneys New York has announced that they will open their first Florida location as one of the anchor tenants at Bal Harbour Shops $400 million, 350,000 SF expansion. The location will span 53,000 SF and will include the popular Freds at Barneys New York restaurant.
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Saks Fifth Avenue is Considering Leaving Bal Harbour Shops Amid Approved Expansion Plan
Saks Fifth Avenue considering leaving Bal Harbour Shops after a recently approved expansion plan. The plan calls for $400 million of work including 430,387 SF of new retail space with a new flagship anchor location which is expected to become a Barneys New York. The existing Neiman Marcus location will also expand. The expansion plan is being designed by Zyscovich Architects and Whitman Family Development hopes to break ground by the end of 2017 with an expected completion in 2023. Saks Fifth Avenue's opposition to the plan comes amid the developer, Whitman Family Development's, lack of attention and possible expansion that was offered to the Saks location. Saks Fifth Avenue would also lose parking and be forced to rely on valet for customers. Whitman Family Development also owns a minority stake in Brickell City Centre, where Saks Fifth Avenue also just opened up a flagship location.
