Mandarin Oriental Residences Break Ground on Brickell Key

Swire Properties broke ground in early October 2026 on The Residences at Mandarin Oriental, Miami, the two-tower hotel and condo project replacing the old Mandarin Oriental hotel at the southern tip of Brickell Key. Delivery is scheduled for 2030, and the developer says residential sales have passed $1.7 billion before the first floor has gone up.

What is being built at 500 Brickell Key Drive

The site, at 500 Brickell Key Drive and 750 Claughton Island Drive, was cleared this spring: the former hotel and its parking structure came down in a controlled implosion on April 12. Two towers by Kohn Pedersen Fox will take their place, joined by a 100,000-square-foot amenity podium that Mandarin Oriental will service.

• South Tower: 66 stories, 228 private condominiums of two to five bedrooms, interiors by Tristan Auer.
• North Tower: 33 stories, 70 private residences, 28 turnkey Hotel Collection residences and a 121-room Mandarin Oriental hotel planned as the brand's North American flagship, interiors by Laura Gonzalez.

Moss is the general contractor. Swire calls it its largest luxury residential project and its first branded residences anywhere.

How far sales have gone

The South Tower was 80% sold at groundbreaking, and the North Tower 25% sold after its sales gallery opened in May. Sales in 2026 alone topped $620 million. In March, the two crown penthouses went under contract for $49.9 million each, roughly $6,300 per square foot, which Florida YIMBY reported as mainland Miami records. Those are contracts, not recorded closings: the deeds will only show up when the towers are delivered.

Entry prices have moved too. In late March the remaining South Tower homes started at $6.6 million and North Tower homes at $3.9 million. By the groundbreaking, those floors were $7 million and $4 million. CRE Daily, citing Bloomberg, reported that prices are up 30% since South Tower sales opened in 2024, that about 65% of buyers are domestic, and that Swire is funding construction without a construction loan.

The rest of Brickell Key, in recorded numbers

This project prices itself far above the island it sits on. Across nine published Brickell Key towers, Own.Miami's MLS data as of October 13, 2026 shows 101 condos for sale at a median ask of $1,100,000, or $766 per square foot, and 84 closed sales in the last 12 months at a median of $634 per square foot. The highest closed price on the island in that window was $2,650,000, at Asia Brickell Key, where the median closed price was $1,007 per square foot.

The bayfront Tequesta Point and Carbonell towers trade far below Mandarin pricing. Two Tequesta Point recorded 9 closed sales at a median of $796 per square foot, and Carbonell 14 at $812. The older Brickell Key I closed 11 sales at a median of $459 per square foot.

Across Brickell, Own.Miami's Brickell market report, as of October 13, 2026, counts 747 closed condo sales in 12 months, 10.3% fewer than a year earlier, at a median of $608 per square foot, with 1,133 units for sale and 18.2 months of supply.

Why it matters for buyers and owners

For resale owners on Brickell Key, the project does not set a comparable price. A $4 million to $7 million branded entry point serviced by a hotel is a different product from a 1990s tower with a median closed price of $796 per square foot. What it does change is the island's next four years: an active construction site at its southern end through 2030, and later a hotel and amenity podium next door.

For buyers, the useful facts are the presale share and the funding. With the South Tower 80% sold and no construction loan reported, the open question is mostly the construction schedule, not whether the units find buyers. In the existing towers, 18.2 months of Brickell supply means resale buyers are negotiating in a buyer's market while the new project is selling at record prices.