Whitman Family Development Reveals Mixed-Use Luxury / Workforce Housing Development Within Bal Harbour Shops Complex

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.

Serving as the Village’s commercial centerpiece, the premier upscale shopping destination Bal Harbour Shops comprises over 100 shops, restaurants and entertainment serving locals and visitors. Plans for the mixed-use development encompass 600 high-end residential units, 40% of which are slated for workforce housing and 60% of which are to be luxury housing, a 70-room upscale hotel and 45,700 square feet of additional retail space.

The new development is made possible by Florida’s Live Local Act, a bipartisan bill passed by the Florida legislature last year in response to the critical need for affordable and attainable housing statewide. The legislation enables developers to build more density and reach building heights within the scale of the surrounding area, so long as they commit to including attainable housing units. The law requires that local municipalities approve mixed-use residential projects in any area zoned commercial through an administrative review process, allowing developers to accelerate their timelines. In exchange, property owners must commit to designating at least 40 percent of all residential units as attainable or affordable housing for at least 30 years.

“South Florida’s economic future relies on creating more sustainable housing options. As a firm with deep Miami roots that span generations, Whitman Family Development is addressing this reality by making a significant investment in the greatest area of need in our community: access to attainable housing,” said Matthew Whitman Lazenby, President and Chief Executive Officer of Whitman Family Development. “By adding workforce and market-rate housing catering to service and hospitality workers, teachers, first responders, and other workers who are the backbone and lifeblood of our community and who are currently priced out of the market, Bal Harbour Shops will diversify the area’s housing market so that people who work in this Village can actually live here.”

Whitman Family Development has already filed plans for the mixed-use development with the Village of Bal Harbour. Once building permits are issued, the multi-phase project will begin with the development of an attainable housing tower on the property’s southwest corner, followed by luxury residential units, and the boutique hotel. The residential components, which will reflect the premium design, finishes and features that characterize the luxury brand, will feature lifestyle-driven amenities including elevated swimming pool decks, resident lounges and entertainment areas, modern fitness centers, outdoor recreational areas, and more.

The development’s planned residential component will help meet growing demand for quality and more accessible housing in the region. Today, half of Miami-Dade’s 936,351 households spend more than 30% of their income on housing costs, according to the 2023 Housing Needs Assessment report by the University of Florida and Miami Homes for All. This, while real estate experts recommend that renters and homeowners spend 30% or below on their housing expenses. Bal Harbour’s premium housing market, where the average home is valued at $1.7 million, currently prices out the community’s workforce as the median price for rental listings is about $7,000 a month, according to Realtor.com.

“The addition of a residential component at Bal Harbour Shops will enable a cross-section of residents to reside closer to their place of work,” Mr. Whitman Lazenby added. “The infill development will reduce commute times and gridlock, while improving quality of life for hundreds of people currently commuting into the Village of Bal Harbour and nearby enclaves each day.”

Under Bal Harbour Shops’ development plans, the new towers will rise to approximately 275 feet, consistent with immediately adjacent buildings in the Village, including the St. Regis Bal Harbour Resort directly across the street. The design prioritizes pedestrian access and street-level activations, with new entry points that will foster connectivity within the development and the surrounding neighborhood. New tax revenue generated by this development will help the Village of Bal Harbour enhance public safety and prioritize infrastructure improvements, alleviating a cost burden that would otherwise be placed on residents.

Whitman Family Development has been a mainstay in South Florida’s real estate landscape for the past 60 years. The fourth generation, family-owned firm unveiled the Bal Harbour Shops in 1965 and has continually invested in the property with an eye toward the future of the Village of Bal Harbour, one of the region’s most desirable places to live and visit. The open-air, luxury retail center, which is home to renowned brands such as Chanel, Gucci, Tiffany & Co. and Valentino, is currently undergoing a $550 million retail expansion that will add about 250,000 square feet, nearly doubling the center’s current retail space. The retail expansion will accommodate the addition of 35 new upscale stores and restaurants, which will solidify Bal Harbour Shops position as one of the world’s most popular destinations for luxury shopping, hospitality, and dining.

Gucci Opens Newly Expanded Two-Story Lavish Boutique At Bal Harbour Shops

Gucci has officially opened its newly expanded Bal Harbour Shops boutique, now situated across two sprawling floors and featuring a custom staircase connecting the levels. With the expansion the boutique has doubled in size and includes a dedicated menswear second floor takeover highlighting the men’s offering including ready-to-wear, shoes, and luggage. The updated first floor now features an expanded offering across women’s ready-to-wear, accessories, jewelry & watches, eyewear, décor and Gucci Beauty, as well as an inviting private VIP shopping area.

With the expanded space in the boutique, customers can explore a range of categories and products, including the new Cosmogonie collection with a focus on men’s tailoring and iconic handbags, such as the Dionysus. The store will also offer a selection of precious leather handbags and shoes for both men and women.

With a look that invites customers to feel welcome and relaxed, the interior design is discreet. Contemporary luxury is suggested not only by the employment of beautiful and idiosyncratic materials, but also through a determinedly spare use of space. Custom geometric painted wood floors and marble polychrome inlays produce decorative three- dimensional effects on the floors, while being harmoniously integrated with the herringbone wood flooring. Juxtaposition of this sort, where opposites forge a new connection, is repeated throughout: display units inspired by vintage brass racks contrast with the softness of the rich fabrics that adorn the rooms; round tables offset rectangular ones; varnished, silver, gold and black iron finishes complement the pink velvets, used for upholstery. Throughout the store one finds sumptuous chairs, while vintage oriental rugs are layered over the floors for a textured effect. The result is a space that entices, surprises and feels personal to Gucci.

As part of Gucci’s commitment to implement and enhance eco-friendly initiatives and energy-efficient technologies in the House’s stores worldwide, the new store has LED lighting; and a Building Management System (BMS) to monitor and promote energy efficiency.

Founded in Florence, Italy, in 1921, Gucci is one of the world’s leading luxury brands. Following the House’s centenary, Gucci forges ahead continuing to redefine luxury while celebrating creativity, Italian craftsmanship, and innovation.

Situated at 9700 Collins Avenue on 17.42 acres in an exclusive oceanfront community located between the Atlantic Ocean and the Intracoastal Waterway, Bal Harbour Shops was completed in 1965 as the first all-luxury fashion shopping center and has been meticulously maintained throughout the years. Bal Harbour Shops has operated at 100% occupancy for several decades with a waiting list. In addition to the anchor tenants, the Shops is home to more than 100 of the most sought-after global, high-fashion boutiques and brands, including Chanel, Gucci, Richard Mille, Van Cleef & Arpels, Tiffany & Co., Salvatore Ferragamo and Valentino. The destination also boasts the highest concentration of restaurants in Bal Harbour including Makoto, Le Zoo and Hillstone at Bal Harbour.

Images via Pablo Enriquez for Gucci & Gucci

Malls Across Miami Are Reopening Today As Miami Enters Phase 1 Of Reopening From The COVID-19 Shutdown

“Although we live in a city without seasons, this feels like Spring,” said Miami Design District visionary Craig Robins as Miami enters Phase 1 of its reopening plan. As per approval by Governor Ron DeSantis, Miami-Dade and Broward County can begin to reopen as of today, May 18, 2020, following the COVID-19 lockdown that has marred the United States since early March. Golf courses and marinas opened several weeks ago with restrictions, and now retail, restaurants, barbershops and salons may open - with restrictions. Bars, nightclubs, movie theaters and beaches are not part of the Phase 1 reopening plan and have no set reopen date.

Following the opening of Palm Beach County over the past several weeks, malls in Miami are welcoming back patrons in Miami Design District, Brickell City Centre, Bal Harbour Shops and Aventura Mall, in addition to Broward County’s Sawgrass Mills mall leading the charge. While the malls may be open, individual businesses within them are making their own decisions as to which day and how they will relaunch operations. Robins indicated that Miami Design District will see most of their tenants open by Wednesday, May 20 along with parking, public art and centralized services. Shoppers will also be able to pick up a mask at any MDD information desk. Bal Harbour Shops and Brickell City Centre opened May 18.

Restaurant openings have been a hot topic of discussion as they begin opening their dine-in services back up at 50% capacity and with six foot social distancing between parties. Bar counters are closed to seating and a maximum of four people can be seated at a table unless they are members of the same household, which are capped at six. Patrons must wear face masks when they are not at their table and employees must wear masks at all times. All menus must be single use and restrooms must limit their capacity to one person at a time. Retail has similar restrictions limiting capacity to 50% and requiring all customers and employees to wear a mask at all times.

Authorities will monitor and assess how Phase 1 of reopening progresses over the next several weeks before approving a move to Phase 2 or instituting new restrictions to help stop the spread of the COVID-19 pandemic.

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. The HFF capital markets team was led by executive managing director Manny de Zárraga, senior managing director Chris Drew, managing director Jim Dockerty and director Matthew McCormack. MetLife Investment Management’s Arun Singh, vice president for the Southeast Region, and Jay Gadsby, director, originated the loan on behalf of MetLife Investment Management.

HFF worked on behalf of the borrower, Miami-based Whitman Family Development, to place the $150 million, eight-year, fixed- and the $400 million floating-rate construction facility with MetLife Investment Management. Loan proceeds will be used to retire an existing loan and expand Bal Harbour Shops by an additional 300,000 SF, including a 57,414 SF space to be occupied by Barneys New York, which will be Barneys’ only flagship store in the southeastern United States. A three-story promenade will be added to connect Barneys to the existing palm tree-lined promenade. The renovation will also bring a new grand entrance at the northeast quadrant of the property along with an expansion of the Neiman Marcus space by 20,000 SF.

“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.  “As the climate shifts for many traditional retail centers across the U.S., Bal Harbour Shops maintains its position as the most successful, high-end shopping destination in Florida and one of the most productive in the world. The Shops continues to experience intense demand from both existing tenants and retailers that have been waiting years to join its roster, and we are excited that this loan will allow Whitman Family Development’s expansion plan to come to fruition.”

Situated at 9700 Collins Avenue on 17.42 acres in an exclusive oceanfront community located between the Atlantic Ocean and the Intracoastal Waterway, Bal Harbour Shops was completed in 1965 as the first all-luxury fashion shopping center and has been meticulously maintained throughout the years. Bal Harbour Shops has operated at 100% occupancy for several decades with a waiting list. In addition to the anchor tenants, the Shops is home to more than 100 of the most sought-after global, high-fashion boutiques and brands, including Chanel, Gucci, Van Cleef & Arpels, Tiffany & Co., Salvatore Ferragamo and Valentino. The destination also boasts the highest concentration of restaurants in Bal Harbour.

“We’re delighted to support the expansion of one of the nation’s leading luxury shopping centers in the U.S.,” Singh said.  “This development will support the local economy and ensure that Bal Harbour Shops remains a destination of choice for many years to come.”

De Beers, the Legendary Home of Diamonds, Opens New Showroom At Bal Harbour Shops

The legendary Home of Diamonds, De Beers, has opened a new South Florida showroom at the Bal Harbour Shops. The new showroom marks De Beers’ third U.S. store location. The new store, full of airiness and light, will showcase wondrous pieces by De Beers, with 600 SF of space devoted to the legendary Home of Diamonds.

In celebration of its new Bal Harbour store opening, De Beers will be unveiling a new Enchanted Lotus malachite pendant in a world premiere ahead of its global launch in September. Sparkling with pristine diamonds, the serene flower blooms within verdant malachite, symbolic of abundance and growth, in natural synergy with the lush, green oasis that is Bal Harbour Shops. The Enchanted Lotus Malachite Pendant, featuring 18K white gold and approximately 0.3 carats of diamonds, will be exclusively available at the new Bal Harbour location for $2,750.

“There is much to celebrate with our reopening at the Bal Harbour Shops, the most inspiring mall in Florida” says Francois Delage, Chief Executive Officer, De Beers Jewellers. “Our clients in the US are some of our most loyal and Bal Harbour caters towards a very discerning international clientele that we wanted to delight in the right space.”

“Whilst our clients engage more and more across our digital platforms, we believe that our stores complement the overall experience and allow a very intimate and informative moment. After all, seeing the diamond with your own eyes inspires the emotion that we invite all our clients to feel. It is also here that you can benefit from the expertise and passion of our in-store Brand Ambassadors,” explains Delage.

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. Freds at Barneys New York will feature outdoor seating and will serve European-inspired and contemporary American cuisine with a custom menu using locally-sourced ingredients by Executive Chef Mark Strausman. Barneys New York and Freds at Barneys New York is expected to open in 2023.

“No fewer than three generations of my family have worked in one capacity or another for nearly four decades to make this happen, so we could not be any happier if we tried about Barneys New York finally coming to Bal Harbour. Theirs has always been a unique and compelling perspective on fashion and on luxury – and through Freds, on food, too – and we know their point of view will resonate with our customer. We are proud and humbled to welcome Barneys New York into the Bal Harbour Shops family,” Matthew Whitman Lazenby, third generation leader of Bal Harbour Shops and President and Chief Executive Officer of Whitman Family Development, LLC.

“It’s a milestone for Barneys New York to launch our first location in Florida at
Bal Harbour Shops, which attracts the best clients from around the globe, who mirror today’s Barneys clients,” said Daniella Vitale, CEO & President, Barneys New York. “We’re excited for Bal Harbour shoppers to experience Barneys New York’s renowned approach to creating environments with exclusive, rare and highly-edited products coupled with luxury services, food, and digital experiences.”

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.