Tall & Urban News

The One Brickell City Centre project, a proposed 68-story office tower in Miami’s Brickell district that had begun site demolition, was announced by the owners that the project is canceled.  Due to challenges in securing pre-leasing commitments, it is a signal of the shifting marketplace in the area.  The company has listed the 2.8-acre site for sale through CBRE. Originally announced in 2022, the 977-foot (298 meter) high-rise was designed to attract tech and financial firms with expansive floor plates, outdoor terraces, and a rooftop helipad.

The owner, Swire Properties, has now shifted its focus to The Residences at Mandarin Oriental, Miami, a luxury two-tower development on Brickell Key, reporting US$800 million in pre-sales already secured. The Residences will feature 228 branded homes in an 800-foot (244-meter) south building and a new Mandarin Oriental hotel in a 400-foot (122-meter) north building, offering over 100,000 square feet (929 square meters) of resort-style amenities. Swire Properties intends to reinvest the proceeds from the sale of the One Brickell City Centre site into this project, aligning with a broader market shift favoring luxury residential developments over new office high-rises.

Miami’s office market is reporting to be currently struggling with tenant acquisition, while high-profile residential transactions, such as a recent US$500 million waterfront site sale, underscore sustained investor interest in high-end housing.

Learn more at Florida YIMBY.