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

Property Image
SOLD
$49,900,000
Haydar Alchalaby
Ivan Chorney
Michael Martirena
+ 2

Florida

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Development Site7,942 SF
Sold 03/10/2026
the dealplayerscompscontact
Property Image
SOLD

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

1 Island Drive, Miami, Fl, 33131

See Similar Deals
Development Site7,942 SF
Sold 03/10/2026
Haydar Alchalaby
Ivan Chorney
Michael Martirena
+ 2
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:Development Site
Price Per Square Foot:$6,283
Total Square Footage:7,942 SF
Transaction Type:Sale

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:

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.

Players

Michael Martirena
Compass
Michael Martirena
25 deals$317.5M volume(561) 310-3009
BROKER
Ivan Chorney
Compass
Ivan Chorney
27 deals$337M volume
BROKER
Haydar Alchalaby
Compass
Haydar Alchalaby
5 deals$123.7M volume
BROKER
Adrian Gonzalez
Fortune International Realty
Adrian Gonzalez
1 deal$49.9M volume(305) 492-2418
BROKER
Rafael Gonzalez
Fortune International Group
Rafael Gonzalez
1 deal$49.9M volume(786) 443-7542
BROKER
Swire Properties
Swire Properties
SELLER

Details

SOLD
IMAGE: Michael Martirena, Rafael Gonzalez, Haydar Alchalaby, Adrian Gonzalez & Ivan Chorney DATE: 03/10/2026 ADDRESS: The Residences at Mandarin Oriental, Miami - 1 Island Drive MARKET: Brickell Key ASSET TYPE: Development Site BUYER: Buyer Not Disclosed SELLER: Swire Properties (@SwirePropertiesUSA) BROKERS: Adrian Gonzalez & Rafael Gonzalez (@gonzalezgroupmiami) - Fortune Development Sales; Ivan Chorney (@Ivan_miamibch), Michael Martirena (@Martirena_Miami) & Haydar Alchalaby (@Haydar_Miami) - Compass SALE PRICE: $49,900,000 SF: 7,942 ~ PPSF: 6,300 NOTE FROM BROKER: The Residences at Mandarin Oriental, Miami, developed by Swire Properties, has closed on the sale of two penthouses totaling nearly $100 million — each for a record $49.9 million — four years before the two-tower project delivers in 2030. These transactions bring the project’s total sales volume to more than $1.3 billion, with groundbreaking set to take place later this year. Sold to separate buyers within weeks of each other, the penthouses mark the highest-priced condo sales in mainland Miami's history, based on both total sale price and price per square foot ($6,300/sq ft). The two-story penthouses will sit atop the development’s 66-story South Tower, featuring nearly 8,000 square feet of interior space, private pools, and rooftop terraces overlooking Biscayne Bay and the Miami skyline.

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