As work crews continue testing and prepping the site in Miami where Swire Properties is planning Brickell CitiCentre, the developer announced it has received a $140 million credit facility to fund operations and the initial development cost.
HSBC Bank USA is providing the credit facility, which Swire said would allow the developer to do more design, development and cover the initial construction costs, according to a statement released Tuesday.
The six-building project is planned for 9.1 acres between Brickell Avenue and South Miami Avenue, from Southeast Sixth Street to Southwest Eighth Street.
Located in the center of Miami’s financial district, Brickell CitiCentre will include 520,000 square feet of shopping and dining, three office buildings, two residential towers and a 243-room hotel with 93 apartments.
The project will be developed in two phases, with all elements of the ﬁrst phase, except for one office tower, scheduled for completion in 2015.
The first phase will have about 4.3 million square feet, including 520,000 square feet of retail shops, 800 condominium units, 243 hotel rooms, 93 serviced apartments, two office towers of 110,000 square feet each and 3,100 parking spaces.
A Feb. 15 news release said the third office tower would be completed by 2018, but the Tuesday release said market conditions would determine when the 750,000-square-foot structure would be built.
“Miami’s economy is benefiting from investments by its neighbors from South America, and we see strong growth potential for the city,” Swire Properties CEO Martin Cubbon said in the Tuesday release. “The location of Brickell CitiCentre offers an excellent opportunity to draw market share from local businesses and residents as well as visitors.”
Swire Properties is the U.S. subsidiary of the Hong Kong-based Swire Properties Ltd.
In September, the Business Journal reported that the developer planned to dedicate 95,000 square feet of the project to medical offices and a wellness center.