Swire Properties has sold off yet another Brickell City Centre site.
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The Hong Kong-based developer sold a 1-acre parcel at 9 SE Sixth St., where it had planned to develop a condo-hotel project, to Dubai-based Kerzner International for $45M, according to property records provided by Vizzda.
Kerzner hasn’t confirmed any plans for the site, but the company is “always exploring opportunities to grow its portfolio of ultra-luxury resorts,” a representative said in a statement to Bisnow.
Kerzner, led by Philippe Zuber, is known for its hospitality brands like Atlantis, One&Only, Siro and Rare Finds.
The firm signed a partial assignment and assumption of development agreement for the Downtown Miami site, which calls for 350 condos, 180 hotel rooms and retail on the ground floor.
Swire, led in the U.S. by British-born Henry Bott, filed a special area plan for the site in 2018, the South Florida Business Journal reported at the time. The plans were filed along with a 1,000-foot, 80-story office tower to expand Brickell City Centre, the first phase of which the company developed in 2016.
But Swire scrapped the plans for what was meant to be Florida’s tallest office building this year and sold the site at 700 Brickell Ave. in May to The Melo Group for $212M.
A month later, Swire sold its majority stake in the Brickell City Centre mall and parking to Simon Property Group for $512M. The mall giant already owned the other 25% of the property.
Like the previous sales, the proceeds of the development site sale will be funneled back into Swire’s roughly $13B investment plan — which was announced in 2022 and is largely focused on Southeast Asia — and its lone Miami project, The Residences at Mandarin Oriental, Miami on Brickell Key.
“This is part of Swire Properties’ ongoing capital recycling strategy, which focuses on disposing of non-core assets and reinvesting in strategic growth opportunities,” a representative told Bisnow in a statement.
Swire has been selling off its Brickell City Centre assets since 2020, when it sold the Two Brickell City Centre and Three Brickell City Centre office buildings to affiliates of Northwood Investors for $163M. It also sold the East Miami hotel component to a joint venture of Trinity Fund Advisors and Certares Real Estate Management for $174M in 2021.
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