Swire Properties Sells Development Site At The Residences At Mandarin Oriental, Miami For $49.9M
$49,900,000
$6,283/SF
Building Size
7,942 SF
Asset Type
Development Site
Closing
Feb 7, 2026
AI
The Residences at Mandarin Oriental, Miami, located at 1 Island Drive in the Brickell Key market, is a development site sold by Swire Properties. The sale closed for $49,900,000, encompassing a total square footage of 7,942, translating to a price per square foot of $6,300.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $49,900,000
- Square Footage: 7,942
- Price per Square Foot: $6,300
- Seller: Swire Properties
- Broker: Liliana Pardo - Fortune International Realty
Notably, the sale of this site involved the closure of two penthouses within the Mandarin Oriental project, achieving record prices in mainland Miami. The penthouses, which are part of a larger two-tower development set to be completed in 2030, highlight significant sales activity, contributing to over $1.3 billion in total sales for the project.
Market Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
Loading comparables…
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