Florida Developer Seeks $100 Million For Penthouse Atop 66 Story Building In Brickell Key

It looks as though the flight to Florida, specifically Miami, by Wall Street firms and New Yorkers during the height of Covid is starting to pay dividends for the state.

And if commercial real estate is dead, someone forgot to tell Swire Properties Inc., who is reportedly seeking $100 million to develop a penthouse atop a 66-story tower on Brickell Key island in Florida. 

The building is already home to the The Residences at Mandarin Oriental, but the penthouse - capable of being split into two units, according to Bloomberg - is being marketed as its "crown jewel". 

Swire President Henry Bott told Bloomberg: “The center of gravity in Miami has shifted to Brickell. We’re already seeing a strong response from domestic US buyers.”

Swire's ability to attract buyers to an area primarily frequented by joggers and dog walkers will determine the success of the sale, the report says. As of now, the highest-priced property ever sold on Brickell Key was a $7.8 million condominium in 2021.

Bloomberg writes that Swire is investing over $1 billion in constructing two upscale towers, branded with Mandarin Oriental, on the island's final available plot. One tower features a lavish 23,000-square-foot duplex, complete with its own infinity pool and private elevator lobby. Units at this project start at around $4.9 million, with occupancy expected by 2029.

The second tower will host a Mandarin Oriental hotel, set to become the brand's flagship in North America, replacing the existing hotel built in 2000. Swire has been developing much of the island since acquiring nearly 34 acres in the late 1970s.

Brickell, Miami's financial district, has seen a surge in activity, attracting Wall Street firms like Citadel and JPMorgan Chase, along with affluent professionals from New York and Chicago. Developers in Miami are targeting these wealthy newcomers with luxury condos, rivaling prices in Manhattan or California.

For instance, Ritz-Carlton condos in South Beach include a penthouse listed at $125 million, while the Shore Club Private Collection nearby has a penthouse with a private rooftop pool under contract for over $120 million. Fisher Island, another elite neighborhood, has seen penthouses sold for a total exceeding $150 million.

Competing directly with Swire's Brickell project is a hotel-branded condo in Coconut Grove, the Four Seasons residential tower, attracting affluent buyers, especially from the finance sector. Developer Nadim Ashi reports strong interest, with over 30% of units already under contract and closings expected by late 2026. He estimates the combined penthouses could fetch up to $120 million.

Ugo Colombo, chief executive officer of CMC Group, concluded: “Miami used to be a dark hole at night. The city’s evolved so much and Covid gave it its last push to become a luxury hub.”