- Swire is seeking to sell two properties in the Brickell area
- Firm plans to use funds raised for Mandarin Oriental project
Swire Properties Inc. has scrapped plans for a supertall tower in Miami’s Brickell neighborhood, as the large development in the heart of the region’s financial center faced challenges luring tenants.
The developer has hired brokerage CBRE Group Inc. to sell 700 Brickell Ave. and 799 Brickell Plaza.
The two sites were initially set to be a major office project called One Brickell City Centre that Swire was planning to build with Related Cos. They had envisioned the tower as a magnet for the tech and financial companies flocking to Miami, but struggled to find enough tenants to fill up what was expected to be among the tallest buildings in South Florida.
“The current office market has been challenging and the pre-leasing for that specific scheme has not materialized in the way that we had hoped,” Henry Bott, president of Swire, said in an interview.
The One Brickell City Centre pullback underscores how Miami’s market has shifted drastically in recent years. During the pandemic, developers flocked to the South Florida market to seize on demand from companies wanting to open offices in the region.
Swire and Related were part of that push,