Swire Properties and Bal Harbour Shops announced they have agreed to an equity partnership to jointly develop the retail component of Brickell City Centre, currently under construction in the Brickell financial district of downtown Miami.
Esprit Holdings Ltd. reported that net income of the fiscal year ended June 30 surged to $112.6 million, compared with $10.2 million the year before, boosted by one-time writeoffs for store closures.
Swire Properties announced it has broken ground on its Brickell CitiCentre project, a $1.05 billion mixed-use development that is billed as the largest private sector venture of its kind in Miami history.
Esprit Holdings said Thursday that it will close all 93 of its stores in North America, after abandoning previously announced plans to sell off the business or find a licensed operator to run the stores.
On the heels of a 98% drop in its yearly earnings, Esprit Holdings said it is divesting its North American businesses and exiting three major European markets.