At the end of June, Hong Kong-based Swire Properties sold its stake in the retail portion of Brickell City Centre (BCC), a mixed-use complex in Miami, Florida, to minority stakeholder Simon for $512 million.
The deal comes on the heels of another major shift at BCC: KAR Properties and Fortune International Group’s acquisition of the remaining 81 condo units in the development’s Rise and Reach towers. Together, the transactions signal a new chapter for the multi-block complex and point to accelerating momentum in Brickell’s luxury residential and commercial market.
Brickell City Centre
Originally envisioned in a 2000s real estate boom, the BCC project stalled during the financial crisis of 2008. It was revised in 2012 after receiving a Special Area Plan (SAC) approval, paving the way for the mix-use complex designed by Arquitectonica.
The project features two condo towers, a hotel and a large retail center. Swire partnered with the Whitman Family, developers of the nearby Bal Harbour Shops, on the retail portion of the project in 2013. In 2015, Simon joined the retail partnership with a 25% stake. By 2016, residents began moving in and the mall opened with a high-profile celebration headlined by Miami native Pitbull.
BCC paves the way
As one of the first major post-recession re-development projects in Brickell, BCC played a key role in transforming the neighborhood into a thriving financial and retail hub. The success of high-end retailers like Saks Fifth Avenue, Chanel and Rolex signaled strong market demand and helped establish Brickell as a viable destination for further large-scale, high-end development.
BCC serves as a proof of concept for large-scale and mixed-use re-development in the city and sparked economic growth throughout South Florida. BCC was among the first new projects in Miami’s recent boom.
Swire’s exit
Swire’s recent retail divestment at BCC marks the culmination of a broader exit strategy from Miami. In recent years, the Hong Kong-based developer has steadily unwound its South Florida holdings, beginning with the $163 million sale of its two Brickell office towers to Northwood Investors. That was followed by the $174 million sale of the EAST Miami Hotel in 2021 and, most recently, the $121.5 million sale of an undeveloped supertall site in May 2025.
The retreat reflects mounting financial headwinds in Swire’s core market. The company recently disclosed nearly $100 million in property-related losses in Hong Kong, prompting a sharper focus on asset-light strategies and portfolio consolidation closer to home. While Swire was once among the most prominent international developers shaping Miami’s skyline, its pullback suggests a rebalancing of global priorities amid economic uncertainty in Asia.
Swire’s next steps
With their new windfall, and HK investments underperforming, Swire is developing the Residences at Mandarin Oriental on Brickell Key, just a stones throw from BCC. The glamorous hotel closed in May, and demolition is slated to begin in the first half of 2026 with construction set to be completed by 2030. Even before construction has begun, 50% of the project’s south tower has already been sold, reaching $1B.
Swire’s departure from this project marks a turning point for one of Miami’s biggest landmarks in decades. With Swire choosing to reinvest in the Miami market, and with Simon steering the retail and local firms expanding their footprint, Miami’s development boom is as strong as ever.
