Bal Harbour Shops is about to get a lot bigger.
The upscale mall, located at 9700 Collins Avenue, has secured a $550 million construction loan for its long-awaited expansion, which will add 300,000 square feet of retail space to its existing 463,000 square feet.
Among the new tenants: A 57,414-square-foot Barneys New York, the first flagship store of the luxury department brand in the southeastern U.S.
Although Barneys first announced it was coming to Bal Harbour in 2017, the expansion loan — one of the largest in Miami-Dade history — did not close until this week.
The real estate firm Holliday Fenoglio Fowler L.P. secured the loan from MetLife Investment Management on behalf of the Miami-based Whitman Family Development, which owns and operates Bal Harbour Shops.
As part of the expansion, the Neiman Marcus store will gain an additional 20,000 square feet. A new grand entrance on the northeast corner of the property will also be added. Other new tenants will be announced at a later date. Construction on the expansion is scheduled to be completed by early 2025.
Bal Harbour Shops opened in 1965 as the first all-star luxury fashion shopping center and operates at 100 percent capacity with a waiting list of tenants. The mall is currently home to more than 100 global brands, including Chanel, Gucci and Tiffany & Co.