Miami is about to be injected with a serious adrenaline shot.
Swire Properties, the Chinese developer behind the majority of Brickell Key, received the preliminary green light from the city for its new venture in May.
The project is Brickell CitiCentre, an almost $700 million 9.1 acre property in Brickell’s Financial District. Swire wants to convert the land into a mixed-use development; Brickell CitiCentre will be a mix of 500,000 square feet of retail and restaurants, 560 units of hotel and living quarters, and two towers of office space.
While Swire has enough wealth to finance Brickell CitiCentre on its own if necessary, bringing only the best shops and restaurants will be crucial to its survival. If the new development succeeds in acquiring said retail establishments and eateries, the center will surely rival Dadeland and Merrick Park.
Not only will the center create a vibrant shopping, living, and working atmosphere, it will also stimulate the local economy, generating money for the city of Miami and Miami-Dade County. During construction, the project would create 1,700 jobs. Once Brickell CitiCentre is completed, the job count would double.
This project will be the first of its degree to be constructed under Miami 21, the new zoning code that supports mixed-use developments. Swire Properties is waiting for final approval, and if all goes well, construction could begin as early as the end of 2011.