Whitman Family Development intends to take advantage of a new state law passed in Florida to realise a decades-long dream to turn Miami’s Bal Harbour Shops into a mixed-use development.
The Whitman Family has submitted plans to add a 70-room hotel and 600 apartments to what has long been rated as one of the world’s most profitable retail centres with average sales per square foot nearing the $3,000 mark.
Passed last year by the state legislature, the Florida Live Local Act bans rent control and enables developers to increase building heights and density allowance so long as 40 per cent of residential space is set aside as affordable housing for at least 30 years after completion.
The open-air Bal Harbour Shops, which houses brands such as Chanel, Gucci and Tiffany & Co. is currently undergoing a $550M retail expansion that will add about 250,000sq ft of gross leasable area, nearly doubling the centre’s current retail space. The expansion will accommodate the addition of 35 new upscale stores and restaurants.
“My family has envisioned Bal Harbour Shops as a multi-use destination for 60 years,” said Whitman Family Development CEO Matthew Whitman Lazenby. “The Live Local Act enables us to realize that vision by delivering attainable housing that will serve our local workforce, a boutique hotel, and luxury residences alongside one of the world’s most exclusive retail destinations.”
