- Mandarin Oriental Miami was demolished to make way for a $1B luxury project.
- New development includes a 34-story hotel and a 66-floor residential tower.
- Swire Properties has pre-sold about half the condos, generating $1.3B in sales.
- US domestic buyers now make up 65% of condo purchasers, a shift from prior trends.
Major Redevelopment Underway
The former Mandarin Oriental hotel on Miami’s Brickell Key was recently imploded, ending its 25-year run and clearing the site for a $1B redevelopment, according to Bloomberg. Swire Properties plans to build a new 34-story Mandarin Oriental hotel alongside a 66-floor residential tower. Condo prices will start at $6.6M. The project aims to become the North American flagship for the Mandarin Oriental brand.
Strong Sales Momentum
Swire Properties reports $1.3B in pre-sales from about half of the project’s available residential units. Notably, the building’s two penthouses each sold for $50M, signaling robust demand despite the project’s scheduled completion in 2030. These strong sales reflect shifting buyer demographics and surging wealth in the Miami area.
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Shift in Buyer Profile
Historically, Latin American investors dominated Miami luxury residential sales, but this project sees about 65% of buyers coming from the US, especially Florida, New York, and California. Swire executives attribute this to increasing domestic wealth accumulation and a broader investment base. This trend aligns with rising wealth levels among aging US investors, who continue allocating more capital into real estate and income-focused assets.
Long-Term Commitment
Swire Properties has shaped Brickell Key for more than four decades. It also drove recent asset sales at Brickell City Centre. Those transactions generated strong proceeds. The company is now redeploying that capital into new projects.
Specifically, the funds support the Mandarin hotel and residences redevelopment. This project targets a rare mix of advantages. The area offers strong urban walkability and zoning for taller towers. At the same time, demand for luxury properties remains steady.
