Buyer Not Disclosed Acquires Development Site From Swire Properties For $49.9M In Miami

The Residences at Mandarin Oriental, Miami, is located at 1 Island Drive in the Brickell Key market. This development site encompasses 7,942 square feet and the transaction was completed at a price of $49,900,000, reflecting a price per square foot of $6,300.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $49,900,000
• Buyer: Buyer Not Disclosed
• Seller: Swire Properties
• Broker Representatives: Adrian Gonzalez & Rafael Gonzalez - Fortune Development Sales; Ivan Chorney, Michael Martirena & Haydar Alchalaby - Compass

This sale is part of a broader transaction context where two penthouses were sold for a combined total close to $100 million, contributing to a total sales volume of over $1.3 billion for the project. The groundbreaking for the development is planned for later this year, with the project expected to deliver in 2030.