Swire Properties Sells Brickell City Centre Retail and Parking Components to Simon Property Group For $512 Million

In a significant real estate transaction for Miami’s urban core, Swire Properties Inc. has finalized the sale of its interest in the retail and parking components of Brickell City Centre to Simon Property Group for approximately $512 million. The deal marks the conclusion of a decade-long partnership between the two firms and further consolidates Simon’s presence in one of Miami’s most high-profile mixed-use developments.

Prior to this acquisition, Simon, one of the world’s largest real estate investment trusts focused on premier shopping, dining, and mixed-use destinations, held a 25% stake in the retail component of Brickell City Centre. Swire Properties, the original developer of the project, retained a 75% interest in the retail and full ownership of the parking facilities. With the completion of this transaction, Simon now assumes full ownership and management responsibilities for both the retail and parking at the development.

Completed in 2016, Brickell City Centre has become a defining element of Miami’s evolving skyline and urban experience. The project spans approximately five million square feet and includes a 500,000-square-foot open-air retail center, designed with its signature Climate Ribbon—an architectural canopy that provides shade, enhances airflow, and collects rainwater, contributing to the center’s sustainability features.

The retail center stretches across three city blocks and offers four levels of shopping, dining, and entertainment, anchored by Saks Fifth Avenue and home to more than 90 retail stores, including Apple, Chanel Fragrance & Beauty Boutique, Nike, Coach, Zara, and Richard Mille. Dining and entertainment options range from Casa Tua Cucina and Motek to CMX’s luxury cinema and PuttShack, reinforcing Brickell City Centre’s position as a premier lifestyle destination.

Swire Properties described the divestment as part of its ongoing capital recycling strategy, which focuses on reallocating resources into new growth opportunities. Proceeds from the sale will support the company’s HK$100 billion global investment plan announced in 2022, with HK$20 billion allocated specifically for residential development projects such as The Residences at Mandarin Oriental, Miami. That project has already surpassed $1 billion in contract sales, with more than 50% of South Tower units sold.

Simon has indicated that it will retain as many members of Brickell City Centre’s existing operations team as possible to ensure a seamless transition. The acquisition consolidates Simon’s position within Miami’s growing retail and mixed-use market, adding another high-profile asset to its portfolio at a time when the Brickell district continues to attract global attention as a center for finance, technology, and luxury development.

Images via Swire Property Group

American Dream Miami Approved To Bring America's Largest Mall To Miami-Dade

American Dream Miami has been approved for Miami-Dade and will become America's largest shopping mall. The project is expected to cost over $4 billion and will include 1.5 million SF of entertainment and amusement, over 2,000 hotel rooms, an entertainment complex, as well as another 3.5 million SF of retail. The amusement and entertainment section will include a ski slope, indoor water park, indoor roller coaster and a submarine ride. American Dream Miami will be located on a 175-acre triangle of wetlands and pastures at the unincorporated junction of I-75 and Florida's Turnpike near Hialeah. The project expects over 30 million visitors per year and the developers aim to generate interest by attracting people to the entertainment component to help drive the retail component.

American Dream Miami is being developed by Triple Five Group, the developers behind Mall of America in Minnesota and American Dream Meadowlands in New Jersey. The American Dream Miami proposal gained scrutiny from commercial developers such as Simon Property Group, General Growth Properties and Tubman Centers, who have created an opposition called the South Florida Taxpayers Alliance and aim to stop public funds from being contributed to the development of American Dream Miami.

In May 2017 American Dream Miami received its zoning approvals from Miami-Dade County commissioners but must complete environmental permitting before the developers can break ground. American Dream Miami's expected completion and opening is 2022.