The Residences at Mandarin Oriental, Miami

Building facts

Address

1 Island Drive

Neighborhood

Brickell Key

Year built

2026

Floors

NA

Residences

220

Status

Pre-Construction

Developer

Swire Properties

Architect

Kohn Pedersen Fox Associates

Pricing

Starting at $3.5 Million

The Residences at Mandarin Oriental, Miami is Swire Properties’ two-tower replacement for the hotel it imploded on Brickell Key in April 2026 — a 66-storey South Tower and a 34-storey North Tower, 326 residences and 121 hotel keys, designed by Kohn Pedersen Fox. It has recorded $1.3 billion in sales and set the highest price per square foot ever achieved in mainland Miami.

It is also being built on an island where five condominium associations are currently suing the developer. That is on this page because a buyer here becomes a member of the association at the centre of it.

By Josh Stein — Miami real estate associate, Florida license SL3057661. Selling Miami luxury property since 2002, with more than $1 billion closed.

What Is Being Built

Two towers on Brickell Key, on the site of the demolished Mandarin Oriental hotel. Originally announced as “One Island Drive.”

	South Tower	North Tower
Storeys	66	34
Height	~800 ft	426 ft
Private residences	228	70
Hotel Collection residences	—	28 (turnkey)
Hotel keys	—	121
Interiors	Tristan Auer	Laura Gonzalez

326 residences and 121 hotel keys in total, over a shared podium with more than 100,000 square feet of amenities. Kohn Pedersen Fox designed the exteriors; SHMA the landscape; Fortune Development Sales handles sales. Moss & Associates was named general contractor in November 2024, though that has not been re-confirmed since.

Harrods Interior Design came on in August 2025 in an exclusive partnership — its first residential project in the United States — offering all buyers a complimentary consultation plus paid furnishing and styling services. A signature “Knightsbridge Penthouse” was offered at $50 million.

Mandarin Oriental’s role is management and branding only, and it no longer owns any of this. It held 25% of the joint venture that owned the old hotel; Swire bought that stake for US$37 million in June 2025, taking ownership to 100%. The hotel will be Mandarin Oriental’s North American flagship, but the equity is entirely Swire’s.

⚠️ Do not confuse this with The Residences at Mandarin Oriental, Boca Raton — an unrelated project by a different developer, which faces a $418 million foreclosure and deposit-recovery suits from buyers. Same brand, no connection.

Where It Actually Stands

The old Mandarin Oriental, Miami hotel — 23 storeys at 500 Brickell Key Drive — ceased operations on 31 May 2025 and was destroyed by controlled implosion at 8:30am on Sunday 12 April 2026. Debris removal was expected to take up to six months, running to roughly October 2026.

“Mandarin Oriental has been a defining part of Brickell Key for more than two decades… With demolition now behind us, our team is eager to get going with vertical construction as we entertain buyers from across the U.S. and around the world.”

Dave Martin, President, Swire Properties — April 2026

A $240 million master building permit was issued in mid-July 2026 covering approximately 1.35 million square feet of combined condominium and hotel use. Vertical construction has not started. Groundbreaking is expected late 2026.

Completion has been stated as 2030 continuously since 2023 and has never officially moved. That consistency is genuinely unusual in this market. But look at what happened underneath it:

Milestone	Planned (Nov 2024)	Actual
Hotel closure	31 May 2025	31 May 2025 ✔
Demolition	Q3 2025	April 2026 — ~3 quarters late
Vertical construction begins	H1 2026	late 2026 — ~2–3 quarters late
Completion	2030	2030 — unchanged

Roughly nine months of pre-construction slippage has been absorbed without moving the completion date. Treat 2030 as unbuffered rather than as a comfortable target.

The Lawsuit You Would Be Buying Into

This is the section that will not appear anywhere else, and it is the reason to read this page rather than a brochure.

In May 2026, five Brickell Key condominium associations sued Swire Properties Inc. in Miami-Dade Circuit Court: Brickell Key One, Brickell Key Two, Isola, Courvoisier Courts and Carbonell. The suit has two counts.

Count one — the seawall assessment. The island needs its seawall and baywalk replaced, a programme estimated at roughly $42 million. Of that, a $32.3 million assessment was levied on unit owners through the master association, which Swire controls. Owners face roughly $6 to $8 per square foot — a 600 sq ft unit pays between $3,581 lump sum and $5,565 financed; a 2,500 sq ft unit between $14,921 and $20,319. Collection was to begin in the first quarter of 2026.

The crux of the claim is ownership. Swire, its affiliates and the City of Miami own the majority of the seawall — but the assessment falls on unit owners for property they do not own. Swire is contributing about $8.4 million, roughly 20%, for the 1,300 linear feet fronting its own site, against a pro-rata obligation under the governing documents of just 1.8%.

“By Swire obligating the master to maintain the seawall that is not even master property but rather Swire and its affiliate’s property, they are obligating the unit owners to pay for the seawall.”

Jason M. Rodgers-da Cruz, attorney for the plaintiff associations — May 2026

Count two — control of the master association. The associations allege Swire violated Florida law by never turning over the master association to unit owners after a majority of parcels sold, which they contend was due in 2014. Swire has controlled it since the island was built in the 1980s. Swire employees occupy all three board seats, and the 1981 governing documents give Swire “sole authority” to appoint directors and two votes for every one unit-owner vote. Trade press describes it as the largest known developer-controlled board case in the market.

“Public policy in Florida does not support perpetual control of a master association by the developer.”

William Sklar, attorney — June 2026

Swire’s position:

“We’re confident Swire Properties Inc and the Brickell Key Master Association have always complied with all laws.”

Swire Properties, company statement — June 2026

Swire also points to more than ten recent town hall meetings, notes that its ~20% seawall contribution far exceeds its 1.8% obligation, and has agreed to maintain the island’s public park in perpetuity.

No ruling, dismissal or settlement has been reported. As of late May 2026 Swire said it had not yet been served. If you buy here, you join the master association at the centre of this. That is not a reason not to buy — it is a reason to have your counsel read the governing documents rather than skim them.

Pricing and the Record Sale

In March 2026 two penthouses atop the South Tower sold for $49.9 million each — $99.8 million combined. Each is a bi-level residence of nearly 8,000 square feet: five bedrooms, seven bathrooms, three powder rooms, a library. That works out to roughly $6,300 per square foot — the highest price per square foot ever achieved in mainland Miami. The buyers were not disclosed.

Current asking prices:

• South Tower — from $6.6 million
• North Tower private residences — from $3.9 million
• North Tower Hotel Collection — from $3.8 million
• Published overall range — $4.9 million to $100 million

⚠️ Older figures are badly stale. The South Tower entry price was $3.5 million in 2023 and $4.9 million in May 2025. At $6.6 million it has risen roughly 89% in under three years. Anyone quoting “from $3.5M” or “from $4.9M” is working from an obsolete sheet.

Sales have reached $1.3 billion as of April 2026, up from $1 billion in May 2025 and $500 million in October 2024. February 2026 alone added $90 million.

On absorption, be careful: the last published percentage is “South Tower more than 50% sold,” from August 2025 — roughly a year stale. The North Tower Hotel Collection was reported 75% reserved pre-launch in November 2025. No official sellout figure has ever been published.

Brickell Key Itself

Brickell Key is a 44-acre man-made island that Swire built from the 1980s, reached by a single bridge. That is the whole context for everything above — one developer, one access point, one master association.

Three overlapping construction programmes now run on it:

1. This project — vertical construction from late 2026 through 2030, about 1.35 million square feet.
2. The island-wide seawall and baywalk replacement — the ~$42 million programme, potentially starting 2026, with no published end date.
3. A prospective redevelopment of The St. Louis at 800 Claughton Island Drive — 134 units, 31 storeys, built 1995. Related Group and Terra are in buyout talks with a group representing nearly 80% of owners, at roughly $1 to $1.5 million per unit, around $200 million total. The deal could close in 2027, with demolition and construction after.

Put plainly: a buyer here should expect sustained construction on a single-access island well into the 2030s. No source states a blanket end date, so this page does not claim one — but the three programmes together are the honest picture.

Two further points. The implosion caused damage to nearby properties, including the lobby of The St. Louis; whether claims followed is not on the public record. And the project absorbed the adjacent park site — the last undeveloped waterfront lot on the island — into its development parcel, though Swire has committed to maintaining the public park in perpetuity.

“At the end of the day, I cannot pay the amount or ask for another loan. I feel very insecure about it.”

Emelia Arencibia, Brickell Key resident, on the seawall assessment — October 2025

What to Verify Before You Sign

This is a serious project by a serious developer — Swire has a conservatively levered balance sheet, funded the project largely from roughly $760 million of Brickell City Centre disposals rather than project debt, and no construction loan or lender dispute exists to worry about. These are the questions that remain.

1. Read the master association documents, properly. The 1981 documents give Swire two votes per unit-owner vote and sole authority to appoint all three directors. Ask your counsel what that means for your assessments, your voting rights, and the pending litigation.

2. What is your seawall exposure? The programme is ~$42M, the levied assessment $32.3M, and the per-owner cost was $6–8 per square foot on 2025 figures — which may have moved. Get your unit’s number in writing, and ask what happens to it if the lawsuit succeeds or fails.

3. Confirm the address. Five different addresses appear across credible sources, including two different ones from Swire’s own website and the official project site. The permit address of record is 1 Island Drive. Make sure your contract and the condominium documents agree.

4. Ask what the current sold percentage is. The last published figure is a year old.

5. Ask when vertical construction actually starts and what the contractual outside date is. Nine months of pre-construction slippage has been absorbed without moving 2030.

6. Confirm the general contractor. Moss & Associates was named in November 2024 and has not been re-confirmed since, including on the July 2026 permit record.

7. Ask about the bridge. Brickell Key has one access point, and bridge repair work is reportedly being coordinated with this project. The scope, cost and duration are not on the record from any source I would rely on. On a single-access island during a four-year build, that is a real question.

Brickell Around It

Brickell Key is its own market — quieter, greener and more insulated than Brickell proper across the bridge. This is the last major development site on it, which is genuinely scarce.

For comparison on the mainland: Cipriani Residences has topped off and is over 80% sold; 888 Brickell has never gone vertical; 619 Brickell by Nobu has design approval but no construction. The full pipeline is on the new construction page, with market context in Miami luxury condos.

If you want the association documents read properly before you commit — which on this island is the whole job — start a conversation.

Since2002Selling Miami luxury

Closed$1B+In career sales volume

Years24In this market

Buildings478Tracked across Miami

The Residences at Mandarin Oriental, Miami: frequently asked questions

Is the Mandarin Oriental hotel on Brickell Key still open?

No. It ceased operations on 31 May 2025 and was destroyed by controlled implosion on 12 April 2026. The new project is a ground-up two-tower replacement on the same site, with a new Mandarin Oriental hotel of 121 keys in the North Tower.

Is The Residences at Mandarin Oriental under construction?

Not vertically. The site is in debris clearance following the April 2026 implosion, and a $240 million master building permit was issued in mid-July 2026 covering about 1.35 million square feet. Groundbreaking is expected late 2026, with completion in 2030.

What is the lawsuit against Swire about?

In May 2026 five Brickell Key condominium associations — Brickell Key One, Brickell Key Two, Isola, Courvoisier Courts and Carbonell — sued Swire Properties in Miami-Dade Circuit Court. The suit challenges a $32.3 million seawall assessment levied on unit owners for property they largely do not own, and alleges Swire failed to turn the master association over to owners when due, which the associations say was 2014. It is unresolved.

How much do residences at Mandarin Oriental Miami cost?

South Tower from $6.6 million, North Tower private residences from $3.9 million, and Hotel Collection residences from $3.8 million, with a published range of $4.9 million to $100 million. The South Tower entry price has risen roughly 89% since 2023, when it was $3.5 million — older figures are stale.

What was the record sale at Mandarin Oriental Miami?

Two penthouses atop the 66-storey South Tower sold for $49.9 million each in March 2026, $99.8 million combined. Each is a bi-level residence of nearly 8,000 square feet with five bedrooms. At roughly $6,300 per square foot it is the highest price per square foot ever achieved in mainland Miami.

Does Mandarin Oriental own part of the project?

No. Mandarin Oriental held 25% of the joint venture that owned the previous hotel, and Swire bought that stake for US$37 million in June 2025, taking ownership to 100%. Mandarin Oriental’s role is now a management and branding agreement — it will operate the hotel and the branded residences but holds no equity.

What is the seawall assessment on Brickell Key?

The island-wide seawall and baywalk replacement is estimated at roughly $42 million, of which a $32.3 million assessment was levied on unit owners through the master association. On 2025 figures owners faced roughly $6 to $8 per square foot — about $3,581 to $5,565 for a 600 square foot unit. Swire is contributing about $8.4 million, or 20%, against a pro-rata obligation of 1.8%. The assessment is the subject of the May 2026 lawsuit.

Sources and further reading

• The Real Deal — Swire Sued Over $32 Million Brickell Key Condo AssessmentThe five plaintiff associations, the $32.3M assessment, the seawall ownership argument and Swire’s response. Published 26 May 2026.
• The Real Deal — Inside Owner Fights Against Builder-Controlled AssociationsThe master-association turnover count, the 1981 two-votes-per-unit structure and the three Swire-held board seats. Published 23 June 2026.
• The Real Deal — Brickell Key Owners Concerned Over Seawall and Swire ProjectThe ~$42M programme cost, the per-square-foot owner exposure, Swire’s 20% contribution against a 1.8% obligation, and resident reaction. Published 8 October 2025.
• Florida YIMBY — Controlled Implosion Clears Brickell Key SiteThe 12 April 2026 implosion, current tower specifications, project team and the $1.3B sales figure. Published 14 April 2026.
• Florida YIMBY — Two Record-Setting Penthouse Sales Totaling Nearly $100 MillionThe two $49.9M penthouse sales, the ~$6,300 per square foot record and current entry pricing. Published 31 March 2026.
• The Real Deal — South Florida’s Top Construction PermitsThe $240M master building permit, the 1.35M square foot scope and the 1 Island Drive permit address. Published 23 July 2026.
• Florida YIMBY — Construction Timeline Unveiled for The Residences at Mandarin OrientalThe original Q3 2025 demolition and H1 2026 vertical construction plan against which the slippage is measured. Published 12 November 2024.
• The Real Deal — Related Group and Terra Eye Condo Buyout on Brickell KeyThe St. Louis buyout talks, the ~$200M figure, the possible 2027 close and the implosion damage to nearby properties. Published 28 April 2026.
• Mandarin Oriental — New Hotel and Branded Residences in Brickell KeyThe original 2023 announcement, the management agreement structure and the 2030 opening. Published 18 July 2023.
• Swire Properties — 2025 Annual ResultsThe US$37M purchase of Mandarin Oriental’s 25% stake, the Brickell City Centre disposals funding the project, and group gearing. Released 12 March 2026.
• Florida YIMBY — Swire Properties Announces Partnership With Harrods Interior DesignThe Harrods partnership, the $50M Knightsbridge Penthouse and the “more than 50% sold” South Tower figure. Published 28 August 2025.

Related coverage

Part of New Construction.

New ConstructionEdition Residences Miami EdgewaterFrida Kahlo Wynwood Residences2200 BrickellAston Martin ResidencesMr. C ResidencesMr. C Residences, Coconut GroveAman Miami Beach501 First ResidencesNexo ResidencesDiesel WynwoodCasa Bella Residences