Miami Wealth Boom Drives New $1 Billion Mandarin Hotel Project

Miami’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.

The former Mandarin Oriental hotel following an implosion on the island of Brickell Key on April 12.

Photographer: Zak Bennett/Bloomberg

The developer, Swire Properties Inc., says it’s already generated $1.3 billion in sales from about half ...