Mandarin Oriental Miami Moves Forward on Brickell Key

The redevelopment of the former Mandarin Oriental site on Brickell Key has reached another major milestone, with a nearly $240 million new-construction permit issued for The Residences at Mandarin Oriental, Miami.

The City of Miami permit covers approximately 1.35 million square feet of new construction at 1 Island Drive. The permit carries a declared construction value of $239.98 million and was issued in July 2026, moving one of Brickell Key's largest new residential projects further into its construction phase.

The permit was the largest new-building permit included in The Real Deal's review of major South Florida construction permits for the week ending July 22.

From Demolition to New Construction

The permit follows the removal of the former Mandarin Oriental, Miami hotel, which had operated on Brickell Key for approximately 25 years.

The hotel closed in May 2025 as Swire Properties prepared the site for redevelopment. On April 12, 2026, the remaining 23-story structure was demolished in a controlled implosion, clearing the property for the new residential and hospitality complex.

The July permit represents an important transition for the site. The project has moved beyond demolition and site preparation toward construction of the buildings that will replace the former hotel.

Two New Towers Planned for Brickell Key

Swire Properties is developing The Residences at Mandarin Oriental, Miami as a two-tower waterfront project at the southern end of Brickell Key.

The South Tower is planned as a 66-story residential building with 228 private residences. The second tower will combine a new Mandarin Oriental hotel with additional residences.

According to Swire Properties, the North Tower is planned to include 70 private residences, 28 fully furnished hotel residences and a 121-key Mandarin Oriental hotel. The new hotel is expected to serve as Mandarin Oriental's North American flagship.

The two buildings will rise from a multi-level amenity podium and form a new residential and hospitality destination along the waterfront.

A Major New Residential Addition to Brickell Key

The project is significant for Brickell Key because the island has a limited amount of land available for new residential construction.

Swire Properties has been involved in the development of Brickell Key for more than four decades and has previously delivered multiple residential buildings across the island. The Mandarin Oriental redevelopment represents another major phase in that long-term development history.

Unlike many new condominium projects in the broader Brickell area, The Residences at Mandarin Oriental, Miami is being developed directly on Brickell Key, a separate island immediately east of the Brickell financial district.

For buyers following condos in Miami and new construction, the issued permit provides a measurable indication of the project's progress. Construction permits do not determine future pricing or completion dates, but they are an important milestone between a proposed development and the physical delivery of new residential inventory.

Architecture and Waterfront Setting

International architecture firm Kohn Pedersen Fox is leading the architectural design of the project.

The development is planned around its Biscayne Bay waterfront setting, with landscaped outdoor areas, multiple pools, private residential amenities and connections to the Brickell Key baywalk.

Swire Properties has also said the redevelopment will include upgrades to the surrounding seawall and an extension of the public baywalk around the project site, contributing to a continuous waterfront path around the island.

What the Permit Means for Miami's New-Development Market

The nearly $240 million permit should not be interpreted as the total development cost of the entire Mandarin Oriental project. It represents the declared construction value associated with the specific new-building permit at 1 Island Drive.

The broader development includes separate residential and hotel components and represents a substantially larger construction program.

For the Miami real estate market, the significance of the July permit is more straightforward: a prominent branded-residence project on Brickell Key has cleared another major construction milestone after demolition of the previous hotel.

The project will eventually add new luxury condominium inventory to a part of Miami where opportunities for large-scale new waterfront development are comparatively limited.

As construction advances, The Residences at Mandarin Oriental, Miami will remain one of the projects to watch in the continuing expansion of Miami's branded-residence and luxury new-construction market.