Bal Harbour Shops
Total retail floor area 450,000 sq ft (42,000 m2) | | |
| No. of floors | 3 | |
|---|---|---|
| Website | www | |
Bal Harbour Shops is an open-air shopping mall in Bal Harbour, Florida, an affluent suburb of Miami Beach. With Neiman Marcus and Saks Fifth Avenue as anchors, the mall had sales of $3,000 per square foot in 2015, ranked among the highest-grossing retail centers in the world.[1]
History
From 1954 to 1962, Stanley Whitman travelled around the United States, studying shopping centers.[1]
In 1957, Whitman acquired the site for $2 per square foot, then a record price for retail property.[1] It was the site of a former United States Army barracks and World War II prisoner-of-war camp.[1] He built a non-traditional open-air shopping mall due to the tropical climate and seaside location across the street from the Atlantic Ocean.[1] At first, Whitman hired architect Victor Gruen, but then fired him and hired Herb Johnson, based in Miami.[1]
The shopping center opened in 1965, with the inaugural collection of stores including
In 1971, Neiman Marcus opened a department store at the center.[1] In 1976, Saks Fifth Avenue opened a department store at the center.[1] In 1977, Gucci opened a store at the center. By 1987, it realized sales of $1,000 per square foot.[1]
In 1982, Bal Harbour Shops was the first shopping center planned for vertical expansion to add 100,000 square feet (9,300 m2) of retail space on Level 2. In 1983, a second level was added.[1]
Overall sales at the shopping center rose from $1,000 per square foot in 1997, five times the national average, to $1,350 per square foot in 2002, $2,000 per square foot in 2008, $2,730 per square foot in 2012, and $3,000 per square foot in 2015.[1] In 2022, shopping mall had sales of $3,400 per square foot.
In 2012, the Whitman family struck a land swap deal with Church by the Sea.[2] Bal Harbour Shops agreed to build a 60,000-square-foot (5,600 m2) church[3] on a site on Kane Concourse in Bay Harbor Islands that had been a car dealership.[4]
In January 2013, Bal Harbour Shops announced an equity partnership with Swire Properties to jointly develop the 500,000-square-foot (46,000 m2) retail component of
In 2017, a $550 million enhancement plan was approved to add 241,600 square feet (22,450 m2) of new retail space and restaurants to Bal Harbour Shops with a completion date of 2024.[6]
References
- ^ a b c d e f g h i j k l MOIN, DAVID (November 14, 2015). "Bal Harbour Shops at 50: Building by the Sea" (PDF). Women's Wear Daily.
- ^ Lilly, Christiana (September 18, 2012). "Bal Harbour Shops Strikes Deal With Church By The Sea For Retail Space Expansion". HuffPost.
- ^ "Bal Harbour Shops expansion approved after decade in the works". May 18, 2017.
- ^ Bandell, Brian. "Church buys car dealership to build mixed-use project, South Florida Business Journal, June 7, 2016. Accessed September 12, 2023.
- ^ "2013 Look Back: Real Estate". American City Business Journals. December 27, 2013.
- ^ "Bal Harbour Shops expansion approved after decade in the works". Miami Herald. May 17, 2017.
