- Swire Properties has presold $1.7B of condos at its Brickell Key project, including two penthouses priced around $50M each, before breaking ground.
- The 66-story south tower is 80% sold, prices are up 30% since sales began in 2024, and roughly 65% of buyers are domestic, many paying cash.
- Ultra-luxury preconstruction sales are thriving even as Miami’s broader condo market slumps, buoyed by finance and tech wealth and new Brickell office headquarters.
Swire Properties has sold $1.7B of condos at The Residences at Mandarin Oriental Miami before breaking ground, according to Bloomberg. The Brickell Key project’s sales include two record-setting penthouses at about $50M each.
The Mandarin Oriental Miami results stand out in a condo market that has broadly slumped in recent years, showing that ultra-luxury preconstruction product is still finding buyers.
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Ultra-Luxury Bucks the Condo Slowdown
Swire President David Martin told Bloomberg that finance and tech buyers are driving demand. Many are paying all cash.
About 65% of buyers are domestic. That share is higher than usual for Miami’s top tier, which has historically attracted more international buyers. Out-of-state buyers mainly come from California, New York and Massachusetts.
The Details
The project sits on Brickell Key, a manmade island next to Miami’s financial district. The site previously held a Mandarin Oriental hotel that developers demolished earlier in 2026.
The 66-story south tower will hold 228 residences. Buyers have purchased 80% of those units.
The 33-story north tower will pair a 121-room hotel with residences. Buyers have purchased 25% of those residences.
Prices have climbed 30% since south tower sales launched in 2024. Swire declined to disclose total construction costs or projected sellout.
Swire also developed Brickell City Centre. The company is self-financing construction with proceeds from City Centre asset sales and a portion of buyer deposits.
Completion is slated for 2030. Swire plans to officially break ground during the week of Sept. 28.
Brickell’s Office Boom Feeds Residential Demand
Martin pointed to two major office projects as a five-year runway for the neighborhood. They include Banco Santander’s tower at 1401 Brickell Avenue and Citadel’s headquarters a few blocks south.
Both projects are expected to rise around 50 stories.
Those projects add to a wave of Miami office towers aimed at a supply-constrained market.
On the residential side, about 30% of Mandarin Oriental buyers plan to live there full time. Another 60% are buying second homes.
Why It Matters
The sales pace shows how wealth migration has reshaped Miami’s top end. The broader condo market, however, is softening.
Martin said units in the $8M to $10M range now compete directly with single-family homes.
That pricing power tracks with data showing Miami luxury condo costs now rival New York City.
Self-financing also means Swire does not need construction debt to move forward.
What’s Next
With the groundbreaking underway, watch how quickly the north tower’s remaining residences sell. Also watch whether prices keep rising ahead of the 2030 delivery.
The Santander and Citadel towers will also test Brickell’s office growth. The key question is whether that growth keeps driving ultra-luxury residential demand over the next five years.
