Swire Properties Breaks Ground on Mandarin Oriental Residences in Miami's Brickell Key

Swire Properties, Inc. has broken ground on The Residences at Mandarin Oriental, Miami, a two-tower luxury residential and hotel development on Brickell Key, the firm announced Oct. 1. The project has surpassed $1.7 billion in residential sales and is scheduled for completion in 2030.

Located at 500 Brickell Key Drive in Miami, the development is Swire Properties' largest luxury residential project to date and its first branded residential development globally. It was designed by New York-based architecture firm Kohn Pedersen Fox (KPF).

Project Details: Two Towers on Brickell Key

The development comprises two towers connected by a roughly 100,000-square-foot, multi-tiered amenity podium serviced by Mandarin Oriental Hotel Group.

• North Tower: 33 stories, with 121 hotel guest rooms, 70 private residences and 28 turnkey Hotel Collection residences. The hotel is positioned to be Mandarin Oriental's North American flagship.
• South Tower: 66 stories, with 228 private residences.

In total, the project contains 326 residential units and a 121-key hotel. North Tower residences range from two to four bedrooms, while South Tower residences range from two to five bedrooms. The residences feature floor-to-ceiling glass sliding doors and are oriented toward views of the ocean, Biscayne Bay and the Miami skyline. Private elevators and entry lobbies are included.

The amenity podium includes fitness and wellness facilities, multi-level resort-style pools with private cabanas, dining pavilions, warm and cold plunge pools, a business lounge with private meeting rooms, a library and coffee bar, a sports court, a game room with an indoor golf simulator, a private screening lounge and a children's club. North Tower residents will have access to the Mandarin Oriental, Miami hotel, including its spa and waterfront dining, along with 24/7 services from a dedicated Mandarin Oriental residential team.

Interior design for North Tower residences is by Laura Gonzalez, and Tristan Auer is the interior designer for the South Tower. Landscape architecture is by Thailand-based SHMA.

Sales Momentum and Pricing

Total sales across the two towers have surpassed $1.7 billion, driven largely by domestic buyers, according to Swire Properties. The development has generated more than $620 million in sales in 2026 alone, including more than $150 million during a three-month summer period.

The North Tower has reached 25% sold since its Signature Gallery opened in May, while the South Tower is 80% sold. Pricing for remaining South Tower residences begins at $7 million, and remaining North Tower residences start at $4 million. Fortune Development Sales is the exclusive sales manager for the project.

Earlier this year, the project's two crown penthouses sold to separate buyers for $49.9 million each, totaling nearly $100 million. The transactions set mainland Miami records for both condominium sale price and price per square foot, at approximately $6,300. Pricing in the South Tower has risen approximately 30% since sales began in 2024. Swire Properties is self-financing construction.

Comments From Swire Properties and Mandarin Oriental

"Breaking ground on The Residences at Mandarin Oriental, Miami marks another important milestone in Swire Properties' long-term vision for Brickell Key," said Tim Blackburn, Chief Executive of Swire Properties. "Our strong sales momentum reflects the project's differentiated value in South Florida's competitive luxury market—driven by its prime waterfront location, the development team's track record, the global brand recognition of Mandarin Oriental, and world-class design partners."

Laurent Kleitman, Group Chief Executive of Mandarin Oriental, said the groundbreaking "marks an exciting new chapter for Mandarin Oriental and our return to Brickell Key."

The groundbreaking comes less than six months after the controlled demolition of the former Mandarin Oriental, Miami hotel on the waterfront site.

Swire Properties' Miami Strategy and Market Context

Swire Properties, Inc. has been headquartered in Miami since 1979 and is the U.S. real estate arm of Swire Properties Limited. The company is known for the master-planned Brickell City Centre development and the island of Brickell Key in downtown Miami. Its ultimate parent is John Swire & Sons Limited.

Brickell Key is a 44-acre island enclave adjoining Miami's Brickell financial district. The company has recently pursued capital recycling in Miami, including the sale of Brickell City Centre land for approximately $211.5 million, the sale of a 75% interest in the shopping center for up to approximately $548.7 million, and the sale of the North Squared site for approximately $45 million.

Brickell luxury condominium pricing offers context for the project's price points. A third-quarter 2026 South Florida preconstruction report estimated new Brickell condominium product at roughly $1,200 to more than $1,500 per square foot, with Brickell luxury resales at approximately $950 per square foot. The Mandarin Oriental penthouse sales at about $6,300 per square foot sit well above those levels. The developer has said the project competes with single-family homes priced between $8 million and $10 million.

The project's presales, 80% in the South Tower and 25% in the North Tower, were in place before vertical construction began.

About the Parties

Mandarin Oriental Hotel Group operates 47 hotels, 16 residences and 39 exceptional homes in 29 countries and territories. Fortune Development Sales, led by Edgardo Defortuna, is the exclusive on-site sales and marketing representative for the project.

Sources

• Swire Properties press release, "Swire Properties Breaks Ground on The Residences at Mandarin Oriental, Miami on Brickell Key": https://swirepropertiesusa.com/wp-content/uploads/2026/10/RMOMIA-Groundbreaking-Release.pdf