MIAMI – One of South Florida’s most famous addresses is getting a billion-dollar makeover.
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The famed Mandarin Oriental hotel on Brickell Key will close at the end of May, according to reports, to make way for a brand-new luxury property.
According to reports, 430 employees will be laid off.
According to the Mandarin Oriental website, the company operates 41 hotels around the world with the first, The Mandarin, opening its doors in Hong Kong in 1963. Mandarin Oriental Miami opened 25 years ago.
Swire Properties is planning a project called One Island Drive.
There will be an 800-foot-tall tower, which will be home to ‘The Residences at Mandarin Oriental, Miami’.
There will also be a new 400-foot-tall Mandarin Oriental hotel with more than 150 guest rooms.
According to a media release, One Island Drive will be the first residential property to be built on Brickell Key in the past 15 years.
The luxury addresses won’t be cheap. They will start at $3,500,000. Construction is expected to be completed by 2030.