Rubble is all that’s left of the once-vaunted Mandarin Oriental hotel in Miami. Swire Properties demolished the hotel at 500 Brickell Key Drive on Sunday. The 23-story luxury hotel fell in less than half a minute.
The S. Florida Business Journal reports Swire, which developed the 326-room Mandarin Oriental, Miami hotel in 2000, plans to build two new luxury towers in its place. The entire site covers around five acres, with Biscayne Bay on three sides.
The taller high-rise will be the 66-story south tower, with 228 condominium units, dubbed The Residences at Mandarin Oriental, Miami. The north tower will rise 34 stories, with 70 private residences, 28 condo-hotel units and 121 hotel rooms. That building will be called The North American Mandarin Oriental Hotel. Groundbreaking is expected by the end of this year.
Swire permanently closed the old hotel last year.
An RK Investors-led team obtained an $81 million construction loan for Sutherland at Piper Glen, a 299-unit multifamily development underway in Charlotte’s Piper Glen neighborhood. The financing was provided by Western-Southern Life Insurance Company. The financing was arranged by Nate Sittema, Kristen Reilley and Elliott Voreis with CBRE’s Debt & Structured Finance team. Currently under...
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NAI Capital Commercial EVPs John S. Archibald and Guillermo Olaiz, alongside senior associate Stephen Lam of the Investment Services Group in the Pasadena office, represented the seller, Star Horizon, LLC, in the sale of ZK Plaza, a 41,586-square-foot office building in Pasadena. The property sold for $13,400,000, representing a 3.5% premium over asking. Located at...
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Berkadia announced the sale of Orchard Corners & Suites, a 139-unit, 264-bed, garden-style student housing property serving The University of Kansas in Lawrence, Kansas. Berkadia’s Student Housing and Kansas City investment sales teams collaborated to facilitate the transaction on behalf of the seller, Utah-based Redstone Residential. The Berkadia team included Senior Managing Directors Travis Prince...
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