Six months after the old Mandarin Oriental Hotel on Brickell Key was demolished, the replacement project is drawing record sales. According to Bloomberg, buyers have purchased 80% of the South Tower homes, including two penthouses that sold for $50 million each. The sales were reported Oct. 1, the same day as the groundbreaking celebration.
The complex, which replaces the property that once housed Mo Bar + Lounge and La Mar, will have two towers. It will serve as the brand’s flagship North American hotel alongside hundreds of luxury residences. Completion is slated for 2030, meaning some owners have committed to homes that are still years from being finished.
Local real estate advisers said the residences are aimed at senior managers from New York and California who are moving to South Florida with their companies, including firms such as Palantir and Citadel.
Developer Swire describes plans for panoramic Biscayne Bay views, multi-tiered infinity pools, executive work lounges, private dining rooms, restaurants and wellness facilities. The project will connect to the Brickell Key bay walk. The largest floor plans span up to 5,840 square feet with five bedrooms, six bathrooms and a private elevator.
Mandarin Oriental representatives did not respond to a request for comment.
