Bal Harbour Shops Starts its Expansion, 250,000 Square Feet of Retail will be Added
The expansion of Bal Harbour Shops started last week, at the end of the project a new wing will be added to the famous mall, Whitman Family Development CEO Matthew Whitman Lazenby told the press. The shopping mall will have about 700,000 square feet of space in total, in comparison to the current 450,000 square feet.
Whitman was granted a $550 million construction loan over the summer to support the expansion, in what brokers said was one of the biggest mortgages ever declared in Miami.
Bal Harbour Shops registered its highest sales in 2014 at approximately $750 million. Sales decreased since then due to competition and a slow global economy, but they once again resemble their peak, according to the press.
Besides the new wing, the expansion also includes a grand entrance and a third level.