The renowned Mandarin Oriental hotel in Miami, situated on the exclusive Brickell Key, is closing its doors after a quarter-century of operation. In its place, a groundbreaking real estate project valued at $1 billion is set to reshape the area's skyline with two luxurious towers known as The Residences at Mandarin Oriental. This new development, introduced by Mandarin Oriental, Swire Properties, and Fortune Development Sales, will feature ultra-luxury residences priced between $4.9 million and $100 million.
The South Tower has already seen 50% of its units sold, highlighting the significant demand for this new symbol of luxury in Miami.
International Appeal with Spanish Ties
According to the official release, Spain has emerged as a pivotal market for the development, with buyers showing a "strong connection with the Mandarin Oriental brand." The developers believe that blending exceptional Asian service with a Mediterranean lifestyle is particularly appealing to discerning and sophisticated international buyers.
"Spain offers a unique market for these types of luxury residences," they noted during the presentation.
Two Towers of Unprecedented Luxury and Amenities
The complex will span 20,000 square meters, with over 9,300 square meters dedicated solely to high-end services:
- 11 swimming pools
- Wellness spaces with holistic treatments
- Meditation gardens
- Two gourmet restaurants
- Private wine cellar
- Golf simulators
The South Tower will feature 228 residences ranging from two to five bedrooms, with areas between 217 and 725 square meters. The North Tower will include 28 hotel residences and 66 private residences, in addition to the new Mandarin Oriental Hotel, Miami, which will stand as a flagship property for the chain in North America with 121 rooms.
Bidding Farewell to a Miami Luxury Classic
The demolition of the original hotel signifies the end of an era in Miami's luxury history. Since its opening, the Mandarin Oriental has been synonymous with Asian elegance and a favorite among celebrities, business leaders, and affluent tourists. Now, it paves the way for an even more ambitious vision, fueled by Miami's real estate boom since the pandemic.
Miami: A Hub for Luxury Real Estate Investment
Since 2020, the Brickell area and Miami-Dade County have become hotspots for the real estate market, attracting investors worldwide. According to the Miami Association of Realtors, condominium prices have risen by 141% over the past decade, solidifying the city as the second-largest housing market in the United States. The new Brickell Key project not only reinforces this trend but also redefines urban luxury in the city, offering a fusion of contemporary architecture, exclusive services, and a strong international appeal.
Key Insights into Miami's Luxury Real Estate Boom
What is the significance of the new development at Brickell Key?
The new development at Brickell Key is significant as it represents a $1 billion investment that will redefine luxury living in Miami, offering high-end residences and exclusive amenities, and attracting international buyers.
How has the Miami real estate market changed in recent years?
In recent years, Miami's real estate market has seen substantial growth, with condominium prices increasing by 141% over the last decade, making it the second-largest housing market in the U.S.