Swire Properties Inc., the US real estate arm of Hong Kong conglomerate Swire Properties Ltd., is gearing up for the final phase of its four-decade-long development of Brickell Key, Miami. The company is set to spend over $1 billion on the construction of two towers on the island’s southernmost point. The upcoming project called 'One Island Drive,' will feature an 800-foot-tall condo skyscraper with 222 units bearing the Mandarin Oriental brand, including luxury duplex penthouses. The second, smaller building will house a Mandarin Oriental hotel including 28 hotel residences, 61 private residences, and 151 rooms – being branded as the new North American flagship of the Mandarin hotels. The existing Mandarin Oriental hotel, which opened in 2000, will be demolished in early 2025 for the new construction.
According to Swire's President, Henry Bott, “One Island Drive” represents the last available land plot in Brickell Island. Bott also stated that the huge investment and long-term commitment from Swire have made the "One Island Drive" project possible. The condo tower sales will open in 2023, with prices starting at approximately $3.5 million for a two-bedroom unit.
The two "One Island Drive" towers will be connected by a massive 600,000 square foot podium, featuring coastal gardens, landscaped infinity pools, and parking. The project will add to Swire's recent success in Miami, with the $1 billion Brickell City Centre already completed by the company in 2016. Now, the real estate developer is partnering with Related Cos. to work on a 1000-foot-tall office skyscraper.
Swire’s development of Brickell Key started in 1979 when the company bought 34 acres of land from Frates Equities. The new two-tower development stands as a testament to Swire’s long-term commitment to investing in the city’s real estate market. Swire's recent extensions have been hugely profitable, with the upcoming "One Island Drive" likely to continue the company's streak of financial success in Miami.