Updated Apr 5, 2026
Buyer Not Disclosed Acquires Development Site From Swire Properties For $49.9M In Miami
1 Island Drive, Miami, Fl, 33131
$49,900,000
$6,283/SF
Building Size
7,942 SF
Asset Type
Development Site
Closing
Mar 10, 2026
About this deal
AI
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.
On the Map
$49,900,000
$6,283/SF
Development Site
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Players
Miami Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.32%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93