Summary:
- Swire Properties reportedly sold its nearly 1-acre Brickell City Centre site in Miami.
- The site is approved for 350 residential units and 180 hotel rooms.
- Buyer Kerzner International founded the Atlantis resort chain in Dubai.
HONG KONG’S SWIRE Properties reportedly sold its nearly 1-acre Miami site at Brickell City Centre to Dubai-based Kerzner International for $45 million. The site is approved for 350 residential units and 180 hotel rooms.
With this transaction, Swire has sold all condo, hotel, office and retail assets at Brickell City Centre, along with two adjacent properties it held, Commercial Observer reported.
The site at 9 Southeast Sixth Street is between the Miami River and Brickell City Centre, which Swire developed.
The deal comes as the firm prepares to build The Residences at Mandarin Oriental on nearby Brickell Key. Last month, the Brickell Key Master Association blocked public access to the island after Swire closed the Mandarin Oriental hotel in April, though it has not secured construction financing for the condo tower.
Ahead of construction, Swire has been selling real estate. In May, it sold another Brickell site for $211 million to residential developer Melo Group after failing to launch an office tower with Related Cos.
In June, it sold the Brickell City Centre mall to Simon Properties for $512 million. Since 2020, it has sold the complex’s two office towers for $163 million and the hotel for $174 million.
Kerzner founded the Atlantis resort chain, which it sold to Dubai’s sovereign wealth fund Istithmar World, in 2008. However, Kerzner continued to manage some of the properties after the sale.
In 2023, Kerzner added the 795-room, $1.2 billion Atlantis, The Royal to the Atlantis, The Palm resort in Dubai. The opening included a private performance by Beyonce and appearances by Kendall Jenner and others.
In July, LVMH Moët Hennessy Louis Vuitton sold its only U.S. hotel, the 90-room El Encanto in Santa Barbara, for $82.2 million to Tinder co-founder Justin Mateen, his brother Tyler Mateen and Culver Capital.
