Swire Properties secured a $240 million construction permit for The Residences at Mandarin Oriental, Miami — the largest single permit issued in South Florida during the week ending July 22, 2026 — launching the redevelopment of 1 Island Drive on Brickell Key.

What exactly is being built at 1 Island Drive on Brickell Key?

Swire Properties is redeveloping 1 Island Drive into a mixed-use luxury complex comprising The Residences at Mandarin Oriental, Miami and a new Mandarin Oriental Hotel, covering approximately 1.35 million square feet of residential condominiums and hotel rooms. The $240 million permit, issued during the week ending July 22, 2026, is the single largest construction permit recorded in South Florida that week.

  • Total project footprint: approximately 1.35 million square feet
  • Program includes luxury condominiums and a full-service Mandarin Oriental Hotel
  • Address: 1 Island Drive, Brickell Key, Miami

What happened to the original Mandarin Oriental Hotel on the site?

The original Mandarin Oriental Hotel that previously occupied 1 Island Drive was brought down by a controlled implosion in April 2026, clearing the way for Swire Properties' ground-up redevelopment. The demolition marked a dramatic end to one of Brickell's most recognizable waterfront landmarks before construction on the new complex could begin.

  • Demolition method: controlled implosion
  • Month of demolition: April 2026
  • Site is now cleared for the new 1.35-million-square-foot development

How does this permit fit into the broader South Florida construction picture?

The $240 million Brickell Key permit alone represented more than half of the more than $420 million in total construction permits issued across the South Florida tri-county area during the week ending July 22, 2026, signaling continued outsized investment in Miami's urban core relative to surrounding counties.

  • Week's tri-county permit total: more than $420 million
  • Swire Properties' single permit: $240 million — the week's largest by a wide margin
  • Tri-county area encompasses Miami-Dade, Broward, and Palm Beach counties

What does this project mean for Brickell Key and the surrounding neighborhood?

Brickell Key, the small man-made island connected to the Brickell financial district by a single causeway, is poised for a significant transformation as Swire Properties — the island's dominant landowner and developer — replaces its demolished hotel with a larger, denser luxury mixed-use project. The redevelopment will add substantial new residential inventory and hotel capacity to one of Miami's most exclusive addresses, reinforcing Brickell's continued positioning as a premier destination for high-end real estate investment.

Original reporting on the permit and the week's full construction activity was published by The Real Deal Miami.