Swire Properties will expand its US$1 billion retail-residential-office-hotel project in Miami, Florida, by buying an adjacent site for more than US$64 million.
The developer said yesterday it had bought the 67,518 square feet site at 700 Brickell Avenue, which would be incorporated into Brickell CityCentre, Swire's mixed-use development.
The site is currently occupied by the Florida headquarters of Northern Trust Bank.
The sellers of the property were Northern Trust and the co-trustees of Marjorie O Brickell Revocable Trust.
"The site is of great strategic importance for the development of Brickell CityCentre because it provides the project with a critical front door on to Miami's most significant boulevard," said Stephen Owens, the president of Swire's subsidiary in the United States.
The site of Brickell CityCentre, formed by joining four parcels of land acquired in 2008 and 2011, spans 394,000 square feet and will yield total gross floor area of 5.42 million square feet. It is Swire's first commercial project in Miami.
Brickell CityCentre is being developed in two phases. Phase one is expected to comprise a retail component, a 264-room hotel, 87 serviced apartments, two office buildings and two residential towers.
The residential towers are being developed for sale. The first phase is scheduled to be completed in the second half of 2015.
The second phase is supposed to provide additional office and car parking spaces.
Swire owns 100 per cent of the office, hotel and residential portions, and 87.5 per cent of the retail portion of the development.
Owens said the site at 700 Brickell Avenue had a rich civic and corporate history through its association with the Brickell family and Northern Trust.
Northern Trust said it was "energised about the move" to Brickell World Plaza, where it would be the "anchor tenant". The firm will operate a branch on the ground floor of the plaza.
A spokeswoman for Swire said the decision about what to build on the site at 700 Brickell Avenue had yet to be made.
Swire's shares yesterday rose 1.3 per cent to close at HK$23.85.