Shopping Center Business is the leading monthly business magazine for the retail real estate industry.
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FLORIDA 62 • SHOPPING CENTER BUSINESS • August 2016 F lorida is enjoying a boom in the development cycle of retail and restaurant space, with several large- scale developments planned or under construction in the state's top metros. In Miami, there are billion-dollar develop- ments underway like Brickell City Centre and Miami Worldcenter, among others. In Gainesville, there are a pair of mega-devel- opments straddling Interstate 75. And in the other top metros of Jacksonville, Or- lando, Tampa and Broward County, retail projects are springing up. Population density fueled by job growth and in-migration is driving the need for more retail and restaurant space, along with the state's tourist attractions like South Beach, Disney World and major cruise terminals. Retailers are expanding to the Sunshine State to leverage off the density and tourism, especially in Miami, where 70 percent of the retail sales on average come from visitors, according to Debora Overholt, vice president of retail for Swire Properties. "It's tricky to look at the demograph- ics; we don't look at the Census reports the way you would in most markets," says Overholt. "Over the years, retail devel- opment in Miami has followed the sub- urban mall model. Brickell City Centre will be the first serious mixed-use project downtown." MIAMI DEFINED BY MEGA PROJECTS Swire Properties, along with co-develop- ers Whitman Family Development and Si- mon Property Group, is underway on Bric- kell City Centre, a $1.05 billion mixed-use destination in downtown Miami's Brickell district. The project's retail component will feature a 500,000-square-foot, open- air shopping center housing more than 80 retailers and eateries, including a flagship Saks Fifth Avenue, Victoria's Secret, Suit Supply, lululemon athletica, Cinemex, Coach, LIVE! and Porsche Design. "When you compare Brickell City Cen- tre to the other shopping options in the area, it's certainly a strong regional desti- nation," says Overholt. "At Brickell City Centre we have 20 retailers exclusive to the area and/or are entering the United States for the first time, many are based Florida's Density Drives Development Developers are busy answering pent-up demand for new retail space with large-scale projects in Florida's top markets. John Nelson Swire Properties will integrate Brickell City Centre with the Miami Metromover by installing a stop that exits directly onto the shopping center's third floor.