(Bloomberg) -- Swire Properties Inc. is seeking $100 million for the penthouse atop a 66-story tower on Brickell Key island, as developers compete over who will smash the record for most expensive condo in Miami. 

The company is marketing the penthouse, which can be split into two smaller units, as the “crown jewel” of a four-decade-long project to develop Brickell Key, a man-made island that sits right off the coast of Miami’s financial district, said Swire President Henry Bott. 

A sale hinges on Swire’s ability to entice buyers to a spot that has been more of a playground for joggers and dog walkers than a refuge for billionaires. To date, the most expensive home ever sold on Brickell Key was a $7.8 million condo in 2021.

“The center of gravity in Miami has shifted to Brickell,” Bott said of the financial district, home to some of South Florida’s most prestigious office towers. “We’re already seeing a strong response from domestic US buyers.”

Swire is spending more than $1 billion to build two high-end, Mandarin Oriental-branded towers on the island’s last remaining lot. One is the tower topped by the 23,000-square-foot (2,140-square-meter) duplex, which has its own infinity pool and a private elevator lobby. Prices at the project start at about $4.9 million for a two-bedroom unit and buyers are expected to move in by 2029.

Read more: Miami Developer Plans $1 Billion Towers on Last Brickell Key Lot

The second, smaller building will have a Mandarin Oriental hotel slated to be the lodging brand’s new North American flagship property. The existing Mandarin Oriental, which opened in 2000, will be torn down.

Swire has been working to develop much of the island since it bought nearly 34 acres (14 hectares) of its land in the late 1970s. 

Brickell, Miami’s financial district, became a hub for Wall Street South in the aftermath of the pandemic. Companies such as Citadel, Thoma Bravo and JPMorgan Chase & Co. have leased offices in the area, which has attracted a slew of higher-paid workers from New York and Chicago.

Aiming to cash in on wealthy newcomers, developers across Miami are pitching condos at prices seen only in Manhattan or parts of California.

Ritz-Carlton-branded condos under construction in South Beach include a sprawling $125 million penthouse. Also in the works nearby, the Shore Club Private Collection has a penthouse with a private rooftop pool under contract for more than $120 million, the Wall Street Journal reported in March. On Fisher Island, one of Miami’s most exclusive enclaves, Related Group said it has sold two penthouses for a total of more than $150 million.

All could potentially break the record Citadel’s Ken Griffin set in 2015, when he paid $60 million for a pair of penthouses at Faena House in Miami Beach. While Griffin has sold those units, he has relocated to Miami and bought multiple houses in the area.

A more direct competitor to Swire’s Brickell plans lies 5 miles (8 kilometers) south, where another hotel-branded condo is catering to rich newcomers: the 70-unit Four Seasons residential tower in Coconut Grove. Developer Nadim Ashi said more than 30% of its units are under contract, with closings expected by late 2026. He estimates the building’s two penthouses, if combined, could sell for as much as $120 million. 

The vast majority of buyers at the project are from within the US and work in finance, according to Ashi.

“Miami used to be a dark hole at night,” said Ugo Colombo, chief executive officer of CMC Group, another developer involved in the Four Seasons tower. “The city’s evolved so much and Covid gave it its last push to become a luxury hub.” 

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