Condo Sales At Mandarin Oriental’s Miami Redevelopment Hit $1 Billion

Swire Properties has reached a major milestone in its redevelopment of the Mandarin Oriental site on Miami’s Brickell Key, with condominium sales in the South Tower surpassing $1 billion. The 66-story tower is now 50% sold, underscoring the city’s continued demand for high-end real estate.

The Residences at Mandarin Oriental Miami are being developed on the final undeveloped parcel of Brickell Key—a 44-acre island offering views of Biscayne Bay and the downtown skyline. The two-tower project will replace the current 326-room Mandarin Oriental hotel at 500 Brickell Key Drive, which is set to close at the end of this month after 25 years in operation. Demolition of the existing hotel is scheduled for next year.

In its place, Swire will build a new luxury complex, including Mandarin Oriental’s future North American flagship hotel, located in the planned North Tower. The South Tower will stand 850 feet tall and house 228 condominium residences. Sales began last year, with unit prices ranging from $4.9 million to over $17.5 million. Half of these homes—ranging from two to five bedrooms and spanning 2,300 to more than 5,800 square feet—have already been sold.

High-end buyers are fueling Miami’s real estate market. According to the Miami Association of Realtors, condos priced over $1 million made up 16% of all condo transactions in March, up 1% year-over-year. Residential properties above $1 million saw a 3.7% increase in sales during the first quarter. Additionally, 51% of condo sales in the city of Miami during that time were all-cash transactions—a common indicator of affluent, investment-ready buyers.

Developers are capitalizing on this trend. The North Tower, which will include both hotel and residential components, is expected to offer 121 hotel rooms, 28 hotel-branded residences, and 66 additional private residences. Sales for these units are scheduled to begin later this year.

Project Timeline and Design

Originally slated for completion in 2029, the entire project is now expected to be finished in 2030, according to an updated statement from Swire Properties.

Earlier this year, Swire canceled plans for a nearby supertall office tower in the Brickell financial district due to weak preleasing activity. Proceeds from the sale of that parcel are reportedly being redirected to support the Mandarin Oriental redevelopment.

The North Tower will rise to 426 feet and feature a porte cochere for hotel guests. The project’s expansive, resort-style podium will include 100,000 square feet of amenities, with landscaping by Bangkok-based design firm Shma. Highlights include 11 pools, a private tea pavilion, dining pavilion, rooftop bar, and sky terrace.

Design Team and Sales

Both towers are designed by renowned New York architecture firm Kohn Pedersen Fox. U.K.-based Speirs Major is leading the lighting design, while interiors are being crafted by Parisian designers Tristan Auer and Laura Gonzalez. Fortune Development Sales is handling sales and marketing for the project.

Source: CoStar