Swire Breaks Ground on Mandarin Oriental Residences in Miami With $1.7B in Sales Booked

Swire Properties is officially in the ground on Brickell Key. The Miami developer held a groundbreaking on Oct. 1 for The Residences at Mandarin Oriental, Miami, the two-tower condo and hotel project rising on the site of the former Mandarin Oriental hotel, which was demolished less than six months ago.

The project arrives at the start of construction with a deep sales book. Swire says combined contracts across both towers have passed $1.7 billion. More than $620 million of that came in 2026 alone, including over $150 million signed during the summer, a stretch when luxury condo activity in South Florida typically cools. The developer said most of the demand has come from domestic buyers.

The 66-story South Tower, which holds 228 private residences, is now 80 percent sold. The 33-story North Tower, which opened sales out of a Signature Gallery in May, is 25 percent sold. That tower combines a 121-key hotel that Mandarin Oriental is positioning as its North American flagship with 70 private residences and 28 turnkey Hotel Collection units. Earlier this year, the project's two crown penthouses traded to separate buyers for $49.9 million apiece, or roughly $6,300 per square foot, setting price records for a condo on mainland Miami.

Remaining inventory starts at $4 million in the North Tower and $7 million in the South Tower. Fortune Development Sales is the exclusive sales agent.

Kohn Pedersen Fox designed both towers. Interiors are split between two AD100 designers: Laura Gonzalez is handling the North Tower residences, while Tristan Auer is designing the South Tower. Thailand-based SHMA is the landscape architect. North Tower homes run two to four bedrooms and South Tower homes run two to five bedrooms, with private elevators and entry foyers, floor-to-ceiling sliding glass, Italian cabinetry, natural stone counters, and marble baths.

The towers are linked by a 100,000-square-foot amenity podium that Mandarin Oriental will service. The program includes tiered resort pools with cabanas, outdoor treatment cabanas, warm and cold plunge pools, a fitness and wellness center, dining pavilions, a business lounge with meeting rooms, a library and coffee bar, a sports court, a game room with an indoor golf simulator, a screening lounge, and a kids club. North Tower owners also get access to the hotel's spa and waterfront restaurants and a dedicated residential service team.

It is the largest luxury residential project Swire has undertaken and its first branded residential development anywhere in the world. Swire has controlled the development of the 44-acre Brickell Key island for decades and later built Brickell City Centre across the bridge.

"Our strong sales momentum reflects the project's differentiated value in South Florida's competitive luxury market," Swire Properties CEO Tim Blackburn said. Mandarin Oriental Group CEO Laurent Kleitman described the groundbreaking as the brand's return to Brickell Key.

Delivery is scheduled for 2030.