Mandarin Oriental Residences Breaks Ground on Brickell Key With $1.7 Billion Already Sold

Swire Properties broke ground in early October on The Residences at Mandarin Oriental, Miami, on Brickell Key, after selling more than $1.7 billion in condos before construction started. PROFILEmiami reported that total sales across the North and South Towers have surpassed $1.7 billion, with the South Tower now 80 percent sold and the North Tower at 25 percent since the Signature Gallery opened in May. Delivery is slated for 2030, per both PROFILEmiami and Bloomberg.

What is being built

• South Tower. 66 stories with 228 residences, starting at $7 million, per PROFILEmiami. Bloomberg reports prices have jumped 30 percent since South Tower sales started in 2024.
• North Tower. 33 stories with 70 private residences, 28 Hotel Collection residences and a 121-room Mandarin Oriental hotel. Remaining North Tower residences start at $4 million.
• The top. Two crown penthouses sold to separate buyers for $49.9 million each, per PROFILEmiami.
• The buyers. Bloomberg reports about 30 percent plan to use their unit as a primary residence and 60 percent as a second home, with out-of-state buyers from California, New York and Massachusetts.

Bloomberg reports Swire is self-financing construction, using proceeds from its Brickell City Centre asset sale plus part of buyer deposits. Swire president Dave Martin told Bloomberg, “We're competing with single-family homes,” referring to the $8 million to $10 million price range. Kohn Pedersen Fox is the architect.

“Our strong sales momentum reflects the project's differentiated value in South Florida's competitive luxury market.”Tim Blackburn, CEO, Swire Properties, to PROFILEmiami

My read

This is a different market from the one most Miami condo owners live in. The Miami-Dade condo median was $408,000 in August with 12.1 months of supply, per MIAMI REALTORS. A branded waterfront tower starting at $4 million does not trade off those numbers, and a crowded resale market does not tell you much about the top end. The 65 percent domestic mix is the detail I would watch. It tells me buyers from California and New York are weighing Brickell Key against houses, which is exactly the competition Martin described.

I still hold pre-construction to the same standard at every price point. $1.7 billion is contracts and deposits, not closings. 2030 is a target, and delivery dates move. If part of your deposit helps fund construction, have your own attorney walk you through how the contract protects it before you sign. And a 30 percent price increase since 2024 helps early buyers on paper. It is not a promise about what happens between now and 2030.