Mandarin Oriental, Miami breaks ground on Brickell Key

Swire Properties and Mandarin Oriental broke ground in early October 2026 on the new Mandarin Oriental, Miami and The Residences at Mandarin Oriental, Miami on Brickell Key, with a ceremonial shovel-in-ground event announced by Mandarin Oriental. According to the developer, residential sales have already passed $1.7 billion, more than $620 million of it in 2026 alone, including over $150 million across three summer months.

The start of work follows the controlled implosion of the former Mandarin Oriental, Miami hotel on 12 April. Swire describes the scheme as its largest luxury residential project and its first branded residential development anywhere in the world.

Two towers, two sets of homes

The project rises as two towers on a shared podium at One Island Drive, the southern tip of Brickell Key, on the site of the old hotel. The homes are sold freehold. The South Tower will stand 66 storeys and 850 feet, with 228 private residences of two to five bedrooms and interiors by Tristan Auer. It is 80% sold.

The North Tower is smaller: 33 storeys and 426 feet, holding 70 private residences of two to four bedrooms with interiors by Laura Gonzalez, 28 turnkey Hotel Collection residences and a 121-room Mandarin Oriental hotel. Its Signature Gallery opened in May, and the tower has since reached 25% sold.

Two crown penthouses have gone under contract to separate buyers at $49.9 million each, about $6,300 per square foot, which the developer says are records for a condominium on mainland Miami. The remaining homes start at $7 million in the South Tower and $4 million in the North Tower (2026). According to Bloomberg, prices have risen 30% since South Tower sales opened in 2024.

Kohn Pedersen Fox is the architect, Moss the general contractor and SHMA the landscape architect. Completion is set for 2030. Swire is paying for construction itself, from the proceeds of its Brickell City Centre asset sales and part of buyers' deposits.

Who is buying

Buyers are roughly 65% domestic. About 30% plan to live in their homes as a primary residence, and about 60% intend them as second homes.

The residences join a long list of Mandarin Oriental residences, with Florida neighbours planned at Boca Raton and West Palm Beach. In Miami itself the brand now has a site under construction again after the old hotel came down in the spring.

What it means for buyers

The South Tower is largely spoken for, so most of the choice now lies in the North Tower, from $4 million (2026), where three-quarters of the stock is still available. Homes are sold off-plan, with construction self-financed and completion planned for 2030. Buyers taking a North Tower residence should plan around that date, and around prices that have risen 30% since 2024.

Sources

• Insurance Journal (Bloomberg): Miami Project Sells $1.7 Billion of Condos Before It's Built, 2026-10-05
• Hospitality Net (Mandarin Oriental release): Mandarin Oriental marks groundbreaking of Mandarin Oriental, Miami hotel and residences, 2026-10-06
• Florida YIMBY: Swire Properties Breaks Ground On The Residences At Mandarin Oriental, Miami On Brickell Key, 2026-10-06