Miami Wealth Boom Drives New $1 Billion Mandarin Hotel Project
A cloud of dust and smoke filling the Brickell neighborhood following an implosion of the former Mandarin Oriental hotel on April 12.
Photographer: Zak Bennett/BloombergMiami’s Mandarin Oriental ended a 25-year run with a planned implosion over the weekend that took less than a minute. From the rubble will rise a $1 billion luxury project fueled by the city’s wealth boom.
The development will consist of a new 34-story Mandarin Oriental, plus a 66-floor residential tower with two-bedroom condos starting at $6.6 million. The building’s two penthouses recently sold for $50 million apiece before the implosion even occurred, and years before construction is slated for completion in 2030.