Swire Properties has fully acquired the development site for The Residences at Mandarin Oriental, Miami, by purchasing the remaining 25% stake for $37 million. This move consolidates Swire’s ownership of the prime Brickell property, paving the way for a significant new development.
Full Ownership Secured
Swire Properties has finalized its acquisition of the Brickell development site intended for The Residences at Mandarin Oriental, Miami. The developer recently paid $37 million to buy out a 25% investment stake in the joint venture that owned the Mandarin Oriental hotel property. This transaction brings Swire’s total ownership of the company to 100%, giving them complete control over the future of this significant parcel.
Project Details and Timeline
The existing Mandarin Oriental hotel, comprising 326 keys, ceased operations in May 2025 to facilitate the upcoming development. Demolition of the hotel building is slated for early 2026. The ambitious project envisions two towers on the former hotel site and an adjacent property already owned by Swire. These towers are designed by architect Kohn Pedersen Fox and are set to reach heights of 850 feet and 426 feet, promising a striking addition to the Miami skyline.
Market Outlook and Swire’s Strategy
Despite current market fluctuations, Swire Properties remains optimistic about the residential market’s prospects. The company attributes this confidence to Florida’s appealing climate, favorable tax environment, and its strategic position as a gateway to Latin America. Pre-sales for The Residences at The Mandarin Oriental have reportedly surpassed expectations, indicating strong buyer interest. This acquisition follows Swire’s recent strategic divestments, including the sale of the North Squared property for $45 million and the $760 million sale of its interests in the Brickell City Centre retail mall, parking spaces, and an adjacent vacant site in the second quarter, with plans to reinvest these proceeds.
Key Takeaways
- Swire Properties now holds 100% ownership of the Brickell development site for The Residences at Mandarin Oriental, Miami.
- The former Mandarin Oriental hotel will be demolished in early 2026.
- Two towers, designed by Kohn Pedersen Fox, are planned for the site.
- Swire Properties is optimistic about the residential market, citing Florida’s advantages.
- The company has recently completed significant sales to reinvest proceeds into future projects.