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Swire’s $1.05 Billion Project to Include 80-Story Tower

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(Corrects third paragraph of story published Sept. 20 to say that Perez is helping open the art museum.)

Sept. 20 (Bloomberg) -- Swire Properties Inc. said it will build an 80-story mixed-use tower as part of its $1.05 billion CityCentre project near the heart of Miami’s financial district.

Designed by Miami-based Arquitectonica International Corp., the skyscraper will have stores, condominiums and a hotel, Swire said in a statement today. The building, to be known as One Brickell CityCentre, will be one of the tallest in Florida, according to the Miami-based company, a unit of Swire Properties Ltd. of Hong Kong. The CityCentre project is scheduled for completion in 2015.

Development of Miami’s historic downtown and financial districts has rebounded since the global financial crisis, with more than a dozen projects set to change the city’s skyline. Jorge Perez, chief executive officer of Related Group of Florida, will help open the Perez Art Museum Miami on the downtown waterfront in December, and a new science museum is under construction nearby.

“In Miami we’ve seen in one decade changes that are transformational,” Perez said in an interview yesterday. The city “is becoming a great urban center.”

Across Miami, residential sales reached a seven-year high in the second quarter and distressed properties comprised a smaller share of the market. The average price for Miami luxury condos, which make up the top 10 percent of sales, climbed 9.5 percent from the previous quarter to $1.7 million, according to a July report by Douglas Elliman Real Estate.

To contact the reporter on this story: Bill Faries in Miami at wfaries@bloomberg.net

To contact the editor responsible for this story: Kara Wetzel at kwetzel@bloomberg.net

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