MIAMI—Swire Properties on Wednesday broke ground on its $1 billion Brickell CitiCentre project. The mixed-use development is the largest private sector venture of its kind in Miami history.

“We have spent the past 40 years developing world-class mixed-use properties in Hong Kong and Mainland China, creating places where people can live, work and enjoy life, and we are thrilled to be bringing our visionary approach to the U.S.,” Martin Cubbon, CEO of Swire Properties, said in a statement. “Our 30 years of work on the island of Brickell Key have helped establish Brickell as a quality residential address, and I have no doubt that our Brickell CitiCentre project will transform Brickell into Miami’s most vibrant commercial destination.”

Brickell CitiCentre will offer 5.4 million square feet and will include a shopping center, two residential towers, a hotel, wellness center, service apartments, and two office buildings, as well as underground parking. Swire expects the project to create 1,700 jobs while under construction and 3,700 after completion.