Hong Kong Company Swire Properties Says Estimate Cost For Project In Miami Exceeds $1 Billion
Swire Properties Ltd, a newly-listed developer company based in Hong Kong, had revealed on Thursday that plans were underway to construct a 2.9 million square foot real estate project which would be located within Miami’s very own financial district.
The company had already mentioned in a filing that the development project called Brickell CitiCentre is expected to cost an estimate of $1.05 billion in total.
The development project that is set to begin construction in the second quarter of the year is going to consist of three office towers, two residential blocks, shopping and dining space extending up to 500,000 square feet, and a hotel.
Four plots of land within Miami had been purchased by the company since as early as 2008 to be used for the development project which had ran expenses which now total up to $72.8 million including preparations for the site of the construction.
While the company is mainly concentrated on the markets of both China and Hong Kong, it already has a 20-year record in Miami where developments have been made within Brickell Key island where it had hired Arquitectonica for the architecture and design of the project.
During the company’s listing back in January, the company’s chairman had said that there were no instantaneous plans to raise capital as the sale of an asset, the Festival Walk in Hong Kong, had provided sufficient capital for their plans.
However, there has been a fund manager with a $5 billion portfolio who refused to be identified had shared his prediction that Swire Properties Ltd would turn to the equity or debt markets in order to generate funds for expansion.