Bal Harbour Shops Secures $190M for Expansion
December 20, 2024
Whitman Family Development has secured $190 million in additional financing from Blackstone (BX) to advance the expansion of Bal Harbour Shops. The new loan increases total project financing to $740 million, solidifying the mall’s position as one of the nation’s premier luxury retail destinations.
Luxury Retail Growth at Bal Harbour
The floating-rate loan, issued by Blackstone’s real estate debt strategies division (BREDS), replaces a $550 million construction loan from MetLife Investment Management (2019).
Since opening in 1967, Bal Harbour Shops has been home to world-class brands, including:
- Chanel
- Gucci
- Prada
- Goyard
To accommodate its growing roster of luxury retailers, Whitman Family Development began a 250,000-square-foot expansion, which is set to open in 2026.
New Development Plans and Legal Challenges
Whitman Family Development recently proposed an additional expansion, which includes:
- 45,700 square feet of retail space
- A 70-room luxury hotel
- 528 residential units, with 40% designated as workforce housing
The plan uses Florida’s Live Local Act, allowing fast-tracked approvals in exchange for long-term workforce housing commitments. However, Bal Harbour officials oppose the expansion. The developer has filed a lawsuit to advance the proposal, which features four 275-foot towers.
Advisors and Key Players in the Financing
Several industry leaders played a role in securing the new funding:
- JLL’s Manny de Zarraga, Chris Drew, Brian Gaswirth, Matt McCormack, Maddy McMillen, and Kim Flores advised on financing.
- Erica English of Katz Barron represented the shopping center as legal counsel.
- Arun Singh, founder of Radial Capital, played a key advisory role.
A Blackstone representative confirmed the loan agreement.
What’s Next for Bal Harbour’s Expansion?
As Whitman Family Development navigates regulatory challenges, the shopping destination continues its strategic growth. The next phase will depend on the outcome of legal negotiations and community support.
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