Swire Properties has begun construction on The Residences at Mandarin Oriental, Miami, following more than $1.7 billion in condominium presales. The Brickell Key development replaces the former Mandarin Oriental hotel and will comprise two towers, including a new hotel. Sales have been especially strong in the South Tower, while completion is expected in 2030.
Key takeaways
- Swire broke ground on the project on Oct. 1, 2026, after reporting about $1.7 billion in presales.
- The South Tower is roughly 80% sold; the North Tower’s residential units are about 25% sold.
- The development will include 326 residences and a 121-room Mandarin Oriental hotel, with delivery projected for 2030.
- About 65% of buyers are from the United States, according to figures reported by Bloomberg.
The sales figures reflect commitments for newly built residences, not resales. They come before construction began and place the project among Miami’s largest luxury developments by presale value.
Groundbreaking follows hotel demolition
Swire Properties held a groundbreaking ceremony on Brickell Key on Oct. 1, marking the start of construction. The former Mandarin Oriental hotel on the site was demolished by controlled implosion in April 2026, less than six months before the ceremony. The hotel had closed in 2025 after operating on the island since 2000.
The development consists of a 66-story South Tower dedicated to 228 private residences and a 33-story North Tower combining a hotel with 70 private residences and 28 hotel residences. The new hotel is intended to serve as a flagship for the Mandarin Oriental brand in North America. The project is designed by Kohn Pedersen Fox, with separate interior designers for each tower and landscaping by SHMA.
Sales and buyer profile
The South Tower, whose sales began in 2024, is about 80% sold, while the North Tower is around 25% sold. Profile Miami reported that sales exceeded $620 million in 2026, including more than $150 million during a three-month summer period. Bloomberg reported that prices have risen about 30% since South Tower sales launched. Two penthouses have each sold for approximately $49.9 million.
Buyers are reportedly drawn largely from California, New York and Massachusetts, with many working in finance or technology and paying in cash. Swire executive David Martin told Bloomberg that about 30% of buyers plan to make their unit a primary residence and roughly 60% expect to use it as a second home. Remaining residences were reported to start at $4.275 million, though prices may change as inventory is released.
Financing and Miami’s broader market
Swire is financing construction itself, drawing on proceeds from asset sales at Brickell City Centre and a portion of buyer deposits, according to Bloomberg. Martin also pointed to major office developments in Brickell—including projects linked to Banco Santander and Citadel—as factors supporting demand in the area. Completion is currently projected for 2030.
The project’s high-end sales stand in contrast to affordability pressures affecting many Miami-Dade residents. CiberCuba reported rising living costs and insurance expenses across the area, alongside an average individual income far below the price of a residence in the new development. The tower’s presales therefore underscore both continued demand at the top of Miami’s property market and the sharp divide between luxury buyers and the wider housing market.