Over two days in late July, Regalado’s office sued 17 property owners in Miami-Dade Circuit Court after they successfully lowered their 2024 valuations, resulting in reduced property tax bills.
Posts
The deal now places the entire 500,000-square-foot shopping destination under the control of Simon Property Group.
The Sears at Aventura Mall will close this summer and the site will be developed into a mixed-use project.
Rendering of Esplanade at Aventura
Sears, at 19505 Biscayne Boulevard, will begin its liquidation sale at the end of April and close by mid-July, the South Florida Business Journal reported. The landlord, Seritage Growth Properties, will break ground on Esplanade at Aventura, with 215,000 square feet of retail, restaurant and entertainment space, later this year. Aventura approved the site plan in December.
Seritage purchased 235 Sears and Kmart stores from Sears Holdings Corp. earlier this year. Under terms of the sale, Seritage recaptured the property, which allows the real estate investment trust to develop the site. It has 224 properties leased to Sears Holdings operating under Sears or the Kmart brand.
In November, the REIT settled a lawsuit that it filed against the owners of Aventura Mall to stop the shopping center’s expansion plans, which are underway.
The mall, owned by Turnberry Associates and Simon Property Group, plans to open a new three-level wing in November with Topshop Topman and Zara, all part of Aventura Mall’s 315,000-square-foot expansion.
Source: The Real Deal
A European artisanal food market has secured a three-story, 38,000-square-foot space within Brickell City Centre‘s 500,000-square-foot shopping center, developers of the soon-to-open project announced this week.
Swire Properties, along with retail co-developers Whitman Family Development and Simon Property Group said the indoor Italian food hall will anchor the $1.05 billion project’s open-air shopping center being built in Miami’s Brickell financial district.
“We want to bring the tradition and energy of the old world Italian streets and town centers, or piazza, to Miami’s urban core, creating a vibrant central destination for the Brickell community and beyond,” said the companies in a joint statement. “A food market is the heart and soul of most major Italian cities; now the same will be true here in Miami.”
Click the Image to view a SFBJ Slideshow of the Brickell City Centre
The food market will open within the north block of the shopping center and feature a variety of eateries selling Italian cuisine. Their wares will include produce, home-meal replacements and imported artisanal cheeses and meats. There will also be live cooking demonstrations, classes by Italian chefs and educational programs on wine and food pairing at the food hall.
“Despite Miami’s immense cultural growth and its rich culinary scene, we have yet to see a food concept quite as extensive as what our food hall partners are introducing at Brickell City Centre,” said Debora Overholt, vice president at Swire Properties, in a statement.
Other restaurants Brickell City Centre has confirmed to open in its shopping center include Pubbelly Sushi, Haagen Dazs, Pasion del Cielo, Taco Chic, American Harvest and others. More food options are available at Brickell City Centre on Sundays, when its weekly, year-round farmers market takes place along the landscaped pathway that runs between Seventh Street and Eighth Street, directly underneath the Metromover track. Its first event was last weekend.
Brickell City Centre encompasses 5.4 million square feet of commercial, residential, office and hotel space, slated to open later this year. In addition to its 500,000-square-foot shopping center, the project includes two condo towers, the 352-room East, Miami hotel and several office buildings.
Source: SFBJ