Swire Moves To Build Supertall Project On Last Brickell Key Development Site

 
With their most current Miami mega-project a documented success, Swire Properties appears to be making moves to complete the success of their first mega-project in Miami’s Brickell Financial District. They have filed for approval from the FAA (Federal Aviation Authority) to construct a dual-tower supertall project on the last remaining developable lot on Brickell Key.

The filings were made on December 20, 2022 requesting approval to construct two towers on the southern tip of Brickell Key, where Brickell Key Park is today. The proposed towers are 1,049 feet and 700 feet respectively. These FAA approvals are required in order to ensure that Miami International Airport’s incoming and outgoing flights are not impeded by a high rise.

While few other details about the future project were made available, it is known that the 2.4-acre park is zoned for residential development and it is not uncommon for developers to utilize future build locations as parks until the market is ready for their vision to come to fruition.

According to the filings, the supertall tower is planned for the site of the Brickell Key Park, with the 700-foot tower being constructed over where the Mandarin Oriental hotel currently is. Swire owns 75% of the hotel, which was constructed in 2000 and will be demolished. It is unclear at this point whether a new hotel component will be included in the project, but we would not be surprised to see one. The Mandarin Oriental is one of the more popular destinations in the area for visitors and foodies alike.

Swire is based in Miami and has developed most of Brickell Key with luxurious waterfront condo towers that are accessible by the short causeway from the mainland. Known as a more peaceful retreat from the craziness of Brickell, the key is popular for those who love quiet living with close proximity to grocery, offices, schools, etc without sacrificing the sweeping water views and secure buildings.

It is fully possible that Swire is garnering this approval in an effort to increase the value of the land in preparation of a sale to another developer, but I personally do not believe this to be the case. Everything does have a price, as proven by the recent sale of 1201 Brickell Bay Drive to Ken Griffin. Mr. Hollo from Florida East Coast Realty has long declared that he would build on that site rather than sell it, until Mr. Griffin arrived with his $363 million offer.

“Swire Properties Inc. continues to be an active developer and explores potential new opportunities regularly,” a spokesperson for the company, who declined to provide details about the development, said to The Commercial Observer.