A team of engineers, contractors and construction workers imploded the former Mandarin Hotel in Miami on Sunday morning.
The demolition by explosives of the iconic Brickell Key property is reflective of the city’s new development market, where developers are working on dozens of new, glossy luxury condo towers that are replacing shorter, mostly older buildings that previously left a mark on the skyline and housed year-round residents.
Implosions these days are pretty rare. It’s also somewhat uncommon for such a young building (nearly 26 years old, younger than me!) to be torn down. The Mandarin, designed by the former architecture firm RTKL, opened its doors in November 2000 and closed them nearly a year ago. The bayfront hotel, home to the MO bar and La Mar restaurant, was one of the top luxury hotels and spas for years. The developer, Swire Properties, closed the hotel last May.
Swire has had this plan in the works for years. In its place, the developer is building a two-tower luxury condo and hotel project that will also bear the Mandarin name. It’s a success story in the new development condo market right now, after having presold two penthouses for nearly $50 million each, a likely Miami record — once completed — at $6,300 per square foot.
Total sales volume at the project is more than $1.3 billion so far, according to the developer. Unit prices range from $4.9 million to $100 million. The new project is set to be completed by 2030.
Swire has also developed much of the man-made island, which will also undergo a multimillion-dollar seawall replacement project that a number of residents expressed their concerns about last year in connection with the implosion.
And the Mandarin is likely not the last building to be redeveloped on Brickell Key. I’m hearing there’s a condo buyout in the works nearby on the island. Have you heard the same? Send me a note at kk@therealdeal.com.
What we’re thinking about: A big thank you to my now-former colleague, Kathryn Brenzel, for editing this newsletter since it launched.
CLOSING TIME
Residential: Gary and Kalynn Smith paid $55.2 million, or roughly $6,800 per square foot, for the oceanfront property at 1610 North Ocean Boulevard in Palm Beach. Bryan and Serena Mattson, who purchased the home in 2019 for $25.5 million, sold the 8,100-square-foot mansion. Gary Smith is the former COO of Red Bull.
Commercial: In Lake Worth, an assisted living facility at 9130 Hypoluxo Road traded for $87.2 million. Chicago-based Focus Healthcare Partners sold the 377-unit property to Toledo, Ohio-based health care real estate investment trust Welltower.
— Research by Mary Diduch
NEW TO THE MARKET
Gordon Pointe, a 9-acre Naples estate owned by the family of late financier John Donahue, returned to the market, asking $195 million. The property, with three houses, 1,650 feet of waterfront and a 231-foot private yacht basin, was previously listed for as much as $295 million. It’s now on the market with Tim Savage of Gulf Coast International Properties.
A thing we’ve learned
Miami’s Signature Bridge project is now expected to be completed by 2029, nearly a decade delayed. Construction on the infrastructure project resumed last week, two weeks after a worker fell from an overpass and died. Florida’s Department of Transportation is overseeing the project.
Elsewhere in Florida
- The city of Miami agreed to pay $150,000 in legal fees to former mayoral candidate Emilio González after he successfully sued over the city’s attempt to delay its 2025 election by shifting to even-year contests, the Miami Herald reports. Courts ruled the move was unconstitutional because it changed the city charter without voter approval.
- Forecasters say La Niña is over and a potentially strong El Niño is developing, which could mean a lighter hurricane season but a wetter, stormier winter in South Florida, according to the National Oceanic and Atmospheric Administration.
- Florida Attorney General James Uthmeier launched an investigation into OpenAI and its ChatGPT chatbot over concerns its data and AI tools could be misused by foreign adversaries and criminals, saying subpoenas are forthcoming. Uthmeier also cited safety concerns raised by other attorneys general about how the company’s products interact with children, Reuters reports.