Swire gets set to build condos and a new Mandarin Oriental hotel, wrapping up more than 40 years of construction on the South Florida island.

Swire Properties Inc. is embarking on the final phase of its four-decade-long development of Miami’s Brickell Key. The company is spending more than $1 billion to build two towers on the southernmost point of the island. The project, dubbed One Island Drive, will include an 800-foot-tall (244-meter) Mandarin Oriental-branded condo skyscraper with 222 units, including duplex penthouses. A smaller building will have a Mandarin Oriental hotel with 151 rooms, 28 hotel residences and 61 private residences. The existing Mandarin Oriental hotel, which opened in 2000, will be torn down in early

2025 to make way for what will be the lodging brand’s new North American flagship property. Sales at the condo tower are slated to begin later this year, with prices starting at about $3.5 million for a two-bedroom unit. The site “represents the last plot of land we have on Brickell Key,” Swire President Henry Bott said in an interview. “It just speaks to the investment and long-term commitment that Swire has made.” Swire has been working to develop much of the island — just off the coast of Miami’s Brickell business district — since it bought nearly 34 acres (14 hectares) of its land from Frates Equities in 1979. The company, the US real estate arm of Hong Kong conglomerate Swire Properties Ltd., set up its headquarters in Miami that same year. One Island Drive’s two towers will be connected by a 600,000-square-foot (55,700 square meter) podium with parking, coastal gardens and landscaped infinity pools. The project is within walking distance of other Swire developments: The company completed the $1 billion Brickell City Centre in 2016, and it’s now working on a roughly 1,000-foot-tall office skyscraper in partnership with Manhattan-based Related Cos.