Whitman Family Development Wins Approval for $400M Enhancement Plan of Bal Harbour Shops
BAL HARBOUR, FLA. — Whitman Family Development has gained final approval from the Bal Harbour Village Council for the $400 million enhancement plan for Bal Harbour Shops, an upscale, 450,000-square-foot, open-air shopping center located in Bal Harbour, an incorporated village near Miami Beach. The plan has been revised multiple times over the past decade, according to the Miami Herald.
Whitman Family Development will add 340,387 square feet of retail space at Bal Harbour Shops, nearly doubling its footprint. The upgraded center will feature the first Barneys New York flagship store in the Southeast, upgrades to longtime anchor tenant Neiman Marcus and new dining options, including Freds at Barneys. The plan also calls for a new plaza at the shopping center’s main entrance along Collins Avenue. (Click here to view an animated video showcasing the improvements to Bal Harbour Shops.)
Whitman Family Development aims to begin the early stages of the enhancement later this year, with major construction taking place in phases over the following five to six years in order to minimize the impact of construction on the surrounding area and the shopping center.
“We’re thrilled to be making this major investment in the future of Bal Harbour Shops, which will solidify our longstanding place at the forefront of global luxury retail and build on the vision that my grandfather Stanley Whitman had when he first developed the Shops in the 1960s,” says Matthew Whitman Lazenby, president and CEO of Whitman Family Development, which developed, owns and operates Bal Harbour Shops, which opened in 1965.
The enhancement plan also includes more than $100 million in public benefits, including millions of dollars for a new waterfront community park, infrastructure improvements, nearly two acres of new land and millions of dollars in new annual tax revenue, according to the company.
Bal Harbour Shops’ existing retail tenants include Chanel, Dolce & Gabbana, Giorgio Armani, Gucci, Jimmy Choo, Louis Vuitton, Prada, Ralph Lauren, Rolex, Saks Fifth Avenue, Tom Ford and Versace. The center’s dining options include Carpaccio, Laduree, Le Zoo, Makoto, The Grill at Bal Harbour and Zodiac.
Whitman Family Development is a family-owned real estate development, management and leasing firm based in Miami Beach. In addition to Bal Harbour Shops, the company also co-developed the retail component of nearby Brickell City Centre in Miami’s Brickell district.
— John Nelson