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SOURCE Bal Harbour, Florida
Miami's most fashionable beach destination sees soaring tourism and retail numbers
BAL HARBOUR, Fla., Sept. 19, 2013 /PRNewswire/ -- The tony South Florida destination of Bal Harbour, located at the northern tip of Miami Beach and celebrated globally for its extraordinary shopping, sophisticated hotels and dining, continues to lead the luxury market as evidenced by a record-breaking summer. In July, restaurant and hotel numbers were up a whopping 18% from last year and the famed Bal Harbour Shops saw a 12.4% increase in sales over same period last year, the most successful month in the history of the Shops.
Named the number one most productive shopping center in the world last year by Shopping Centers Today, the publication of the International Council of Shopping Centers, the family-owned Bal Harbour Shops feature the fashion elite, with such coveted labels such as Gucci, Alexander McQueen, Lanvin (first location in the U.S.), and Prada as well as the first Chanel and Saint Laurent concept stores in the country. The Shops currently produce more than $2,800 per-square-foot in sales.
"With a host of our stores up more than 50 percent this past July and a handful up more than 100 percent, we've been hearing from numerous long-time tenants that July 2013 was the strongest single month of any month in any year at Bal Harbour Shops," said Matthew Whitman Lazenby, President & Chief Executive Officer of Whitman Family Development, owners of Bal Harbour Shops. "For an industry in which the holiday season almost universally mandates that December is the strongest month and for a shopping center that has been around nearly 50 years, that this past July may well have been the strongest month ever is a truly staggering admission. As ever, my family and I are simultaneously proud of and thrilled by the enduring success of our stores, who deserve 100% of the credit here."
The spike in sales in Bal Harbour spanned more than just the retail market. The ultra-luxe St. Regis Bal Harbour Resort, which opened in February 2012, saw record-breaking occupancy and revenue in the month of July.
"The St. Regis Bal Harbour Resort was heralded as the most anticipated new hotel opening of 2012 and since opening we have more than exceeded expectations," stated General Manager, Marco Selva. "To date in 2013, we are not only already surpassing our targets for 2016, we are also proud to say the resort is commanding the highest ADR (average daily rate) of any resort on the eastern seaboard."
The real estate market in Bal Harbour touts similar accomplishments, commanding some of the highest home prices in the country. In 2012, Argentinian real estate developer Consultatio purchased the former Bal Harbour Beach Club site for $220 million, one of the largest purchases in this area in the past few years. The developer plans to build 260 condominiums, on this prime 5.54-acre oceanfront property.
"The scarcity of properties on the market speaks to the area's enduring value," says Lourdes Alatriste of real estate company Engel & Voelkers, who recently sold a condominium at the St. Regis Residences.
"The speed with which inventory is being absorbed is testament to the unique nature of Bal Harbour. This is a great community. It's quaint, it's private, you don't have the noise of South Beach but it's close to anything you would want to do."
"The success of our destination comes from the upscale, sophisticated experience that is offered by our hotels, dining and shopping," said Carolyn Travis, Executive Director of Tourism Marketing, Bal Harbour. "Coupled with destination programs such as the Unscripted public art program, Movies on the Beach and Museum Access that provides free admission to the area's leading museums, it's a good time to be in Bal Harbour."
About Bal Harbour, Miami's most fashionable beach destination:
A name forever associated with the ultimate shopping experience, Bal Harbour, Florida has developed into a must-visit travel destination with the addition of new hotels, gourmet restaurants, and celebrated cultural programs. Recently named the number one most productive shopping center in the world, the luxurious open-air Bal Harbour Shops are a haven for fashionistas and well-heeled travelers. This sun-drenched beach community offers a range of stylish hotel accommodations, including the new exquisite flagship St. Regis Bal Harbour Resort, the beautiful ONE Bal Harbour Resort & Spa, the boutique Bal Harbour Quarzo, and the iconic Sea View Hotel. As part of its continued commitment to the arts, Bal Harbour launched its first public art program, "Unscripted," just in time for the 2012-2013 winter season. The latest additions to the bustling restaurant scene include legendary chef Jean-Georges Vongerichten's J&G Grill at The St. Regis Bal Harbour, celebrity restaurateur Stephen Starr's Makoto restaurant and ONE Bal Harbour Resort & Spa's Mister Collins.
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