Nearly $1B In Reservations For Mandarin Oriental Condos In Brickell (Update)

Update: Swire says that the value of reservations at their planned Residences at The Mandarin Oriental has now reached close to $1 billion. In just 30 days, they have also converted $150M worth of reservations into sales contracts.

 

Developer Swire Properties says that demand for condo units in a new two-tower project in Brickell is exceeding expectations.

Swire announced plans for The Residences at The Mandarin Oriental, Miami in June 2023, and launched sales in December.

“The market response in relation to the sales reservations since December 2023 has exceeded expectations,” the company said in its 2024 interim results released to investors on August 8.

The first tower will include luxury private residences. The second tower will include a new Mandarin Oriental hotel as well as private residences and hotel residences.

A soft opening for the development’s sales gallery is scheduled for this month, and buyers will have the opportunity to convert to contract immediately moving forward.

Swire also released a new rendering of the taller 66-story, 850-foot tower. The buildings are being designed by architect Kohn Pedersen Fox.

 

The newly released rendering of the taller tower at The Residences at Mandarin Oriental:

(renderings: Binyan Studios)

 

 

 

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Anonymous
23 days ago

Hope it’s true, but probably regular everyday Developer propaganda. Obviously, that’s what you would say publicly.

Spartacus Mills
23 days ago

Swire’s style isn’t to lie.. if they press release this then it’s true

Not Flagler
23 days ago

Swire is a major company that does huge projects, they build, not just talk about it.

Anonymous
23 days ago

This product is designed for the super rich which still are flocking to Miami (1428 Brickell, Cipriani, 888 Brickell, Waldorf Astoria, etc.)

Saskatoon
23 days ago

It is a release to Swire investors.

It is not a press release from Fortune.

Anonymous
23 days ago

demand is inelastic to the point that there are only mega luxury buildings going up, and the cost for construction has gone up so much with materials and soft costs that it is the only thing that makes sense financially. UPZONING IS NEEDED COUNTY WIDE

Saskatoon
23 days ago

Not true.
There are thousands of apartment units going up all around Miami-Dade County, very few are as nice as this one.

Anonymous
23 days ago

most of the units you’re referencing are east of I95 and only serve a particular segment that is simply not affordable in any meaningful way. Just because there are tens of thousands of rental units in the pipeline east of I95 doesn’t mean that demand is being met in any meaningful way. Otherwise, prices would come down. 30k units of 3k a month one bedroom apartments (most of the units are even more expensive) is nice for some people but doesn’t serve the inelastic demand the county has. Most of the people moving out of the county are moving due to costs, not because they hate Miami. Most of the people moving into Miami are moving into the urban core, but not west of I95,… its full-scale migration displacement, and without alternative neighborhoods there is no solution.

Saskatoon
22 days ago

Not true.
Even casual readers of this page know about the
** 3,200 unit project on NW 27th Avenue.
https://therealdeal.com/miami/2024/06/05/developer-plans-biggest-miami-dade-live-local-act-project/

** 2,193 unit apartment project in North Miami
https://therealdeal.com/miami/2024/07/11/redwood-dev-cos-2200-unit-north-miami-project-approved/

** 5,000 units affordable housing from Swerdlow/AJ Partners
https://therealdeal.com/miami/2024/02/12/swerdlow-proposes-massive-public-housing-project-in-miami/
“Included in the nearly 5,000 proposed units are about 1,400 affordable units for low to very low income households; and roughly 3,500 income-restricted workforce housing apartments, for residents earning no more than 120 percent of the county’s median income.”

** 1,250 units are being built by Lissette Calderone just east of the airport
https://therealdeal.com/miami/2023/05/16/lissette-calderon-proposes-1250-apartments-near-beckham-soccer-stadium/

Just to name 4.

Additionally, there are thousands of new units U/C or slated for Fontainebleau, Hialeah, Sweetwater, and Miami Gardens. Development of all housing types are being built in a meaningful way. there is so much building, that it is difficult to keep up in a meaningful way.
Developers are developing in a meaningful ways, so much, that the average or below average observer doesn’t even know it.

anonymous
22 days ago

so you think supply is enough for demand in Miami right now?

Jordan
21 days ago

No.
Which is why developers keep developing.

Not Little Havana
10 days ago

Sounds meaningful

anonymous
23 days ago

they’re all east of I95 and will cost 3k and up (3k for a one bedroom).

Saskatoon
22 days ago

Not true.

Anonymous
22 days ago

yes true

Anonymous
22 days ago

Your examples are in the planning phase. Not to mention that all of them are using live local, so they’re not free market units – you need to be in the system. BTW, many of these projects are not going to come online till 2027. What’s the plan until then? And even then you think thats enough to quell demand?

Jordan
21 days ago

To say, “they are ALL east of I-95” is patently false.

I am not going to do all your work for you. Go drive around Miami Gardens or up and down 27th Avenue, you’d have to be extraordinary stubborn not to see all the new product being delivered.

You don’t understand Live Local.

Most of the time, a developer will allocate 40% of the units to workforce housing, but they do not have to stop there. Some of the live local.deals are 100% of apartments renting for those under 120% of the Area Mean Income.

“You need to be in the system”?
What are you talking about??

Are you confusing Florida’s Live Local law with the Federal housing programs??

Unfortunately, most are crappy short term rentals
23 days ago

glue kid

glue kid
23 days ago

Unfortunately, most are crappy short term rentals

anonymous
23 days ago

i dont see any problem with ultra luxury being built in Brickell. Considering its location you’d expect that to happen. However, the speed at which affordable apartments are being built within proximity to downtown/Brickell is much slower. There are quite a bit of new developments happening near metrorrail stations but those will take years to get done.

Lora
23 days ago

Traffic is an issue ..hope it’s solved with the ferry they are talking about.

Anon
23 days ago

That ferry is from Edgewater to Lincoln Road. Barely used route

high key low key
23 days ago

It’s not Lincoln, its Sunset Harbor

anonymous
23 days ago

that sounds like the problem for people on Brickell key. Let them figure it out