Swire Properties has canceled its plans for One Brickell City Centre, a proposed 68-story office tower in Miami’s Brickell neighborhood. The decision comes after challenges in securing sufficient pre-leasing commitments, leading the company to list the 2.8-acre site at 700 Brickell Avenue and 799 Brickell Plaza for sale through brokerage firm CBRE.
Rendering of One Brickell City Centre. Credit: Related Companies, Swire Properties.
Initially announced in 2022 as a joint venture with Related Companies, One Brickell City Centre was envisioned as a 977-foot-tall skyscraper featuring expansive floor plates, outdoor terraces, and a rooftop helipad. The project aimed to attract tech and financial firms to Miami’s burgeoning financial district. However, the partnership has since concluded, with Swire retaining full ownership of the site.
Demolition of existing structures on the site had commenced, but Swire has now shifted its focus to developing The Residences at Mandarin Oriental, Miami, located on nearby Brickell Key. This two-tower luxury development will feature approximately 228 branded residences in an 800-foot-tall south tower and a new Mandarin Oriental hotel in a 400-foot-tall north tower. The project boasts over 100,000 square feet of resort-style amenities, including landscaped infinity pools, private cabanas, executive work lounges, and health and wellness facilities.
Swire reports strong pre-sales for the Mandarin Oriental project, with $800 million in contracts already secured. The company plans to reinvest proceeds from the potential sale of the One Brickell City Centre site into this development, underscoring a strategic pivot toward luxury residential offerings amid a cooling office market.
This move reflects broader trends in Miami’s real estate landscape, where the luxury residential sector remains robust, while the office market faces challenges in tenant acquisition. Recent high-profile transactions, such as the sale of a waterfront site in Brickell’s financial district for over $500 million, highlight sustained investor interest in residential development opportunities.
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Here it comes!!!!!