Brickell City Centre, the retail-anchored mixed-use development and neighborhood landmark from Hong Kong developer Swire Properties, is fully leased for the first time in its history as global clothing store H&M signed a lease for two floors.
The retailer will occupy over 25,000 square feet in Miami’s Brickell neighborhood at the sole remaining anchor space in Brickell City Centre, marking the first time the mixed-use development in the heart of Miami is fully leased after opening in 2016.
Located at 701 S. Miami Ave. and immediately south of the Miami River, Brickell City Centre anchors the neighborhood and was first developed by Swire Properties, the American subsidiary of the Hong Kong developer of the same name. Whitman Family Development — owner of the luxury shopping mall Bal Harbour Shops — and Simon Property Group were later brought on as co-developers for the property’s retail component that totals 500,000 square feet of space.
H&M is expected to complement the other tenants at Brickell City Centre that cater to the area's younger consumer base and tastes, said David Martin, senior vice president at Swire Properties, in a press release.
Since 2020, The Shops at Brickell City Centre has brought on 24 new brands, and saw a 13% year-over-year boost in retail sales over the course of 2023. The shop also saw a 21.4% increase in foot traffic in 2023 compared to the year prior. Other tenants at the high-end shops include electric vehicle manufacturer Lucid Motors, Apple, Saks Fifth Avenue, Zara and dozens of others.
The open-air mall has managed to avoid the decline faced by other retail shopping centers thanks to its mixed-use component and the overall population growth underway throughout South Florida. According to the latest quarterly report from commercial real estate services firm Marcus & Millichap, Miami's popularity has contributed to strong foot traffic and sustained retail sales growth "above historical norms."
Brickell City Centre is further bolstered by two multifamily towers, two office buildings and the 263-room East Miami hotel that round out to over 5 million square feet of total space.
The new Brickell location will be H&M's sixth store in Miami-Dade County. The global clothing store's locations include sites on Miami Beach’s Lincoln Road and in Aventura Mall, about 16 miles north of downtown. Suburban locations include two locations in West Miami-Dade at Dolphin Mall and International Mall, as well as at Westland Mall in the city of Hialeah, 13 miles from the retailer’s new Brickell location.