UPDATED March 21st, 5:38 p.m.: Curious to know how far rents reach in one of Miami’s newest luxury retail centers? Lawsuits filed by Brickell City Centre show the price is upwards of $130 per square foot.
Over the past year, the mall operator, Brickell City Centre Retail LLC, has filed lawsuits against Koko & Palenki and BDBA. In both cases the lawsuits sought to collect unpaid rent after the stores closed.
Those records reveal that leases for the stores started at around $130 per square foot, with an agreement to raise rents to $170 per square foot after 10 years. Tenants also agreed to an additional 10 percent rent provision over certain gross sales milestones. The Next Miami was the first to report the rents.
Court records also show that the mall has tried to evict at least two tenants, including 100% Capri and a restaurant known as Santa Fe. The latter suit is unavailable, as it is still being reviewed for redaction.
The $1.05 billion mixed-use development’s 500,000-square-foot mall is home to Cinemex, Saks Fifth Avenue and the three-story Italian food hall La Centrale, as well as a number of retail brands like Apple, Cole Haan, Bath & Body Works, Zara and Mac Cosmetics.
Brickell City Centre also includes the 40-story East, Miami hotel and office space.
Last year, Swire Properties was sued by neighboring retailers, including a tanning salon Captive Sun Two and restaurant 83 Brooklyn Bagel Company, for allegedly causing them to lose business by not properly containing the project’s construction.