Developer asks for $100M to create lavish 23,000sqft penthouse on top of tiny Brickell Key island, in race to build Miami's most expensive condo

The developer of a tiny island in Miami is seeking $100 million to build a lavish 23,000-square-foot penthouse right off the coast of the city's financial district.

The penthouse, with its jaw-dropping price tag, could break the record for the most expensive condo in the area, surpassing a pair of penthouses in Miami Beach that were sold for $60 million in 2015.

Offered by Swire Properties Inc., the penthouse dubbed as 'the crown jewel' can be sold either combined or separated into two smaller units.

The 23,000-square-foot duplex will sit atop one of the two Mandarin Oriental-branded towers, featuring a rooftop infinity pool and a private elevator lobby.

'The center of gravity in Miami has shifted to Brickell. We're already seeing a strong response from domestic US buyers,' Swire President Henry Bott told Bloomberg.

Swire has spent the past 40 years building the secluded island of Brickell Key, investing more than $1 billion in the two high-end towers.

The development features two towers, including the 66-story South Tower topped by the lavish $1 million penthouse.

Prices for a two-bedroom unit start at $4.9million and the residences feature floor plans up to 4,700 square feet, according to Swire's website. 

The smaller, 32-story North Tower boasts private condos and hotel rooms in a brand-new Mandarin Oriental hotel. 

Swire plans to demolish the existing Mandarin Oriental hotel, which opened in 2000, to make way for the new structure, which is set to become the brand's new North American flagship property. 

An amenity podium will connect the two towers, both featuring panoramic oceanfront views. 

The 80,000-plus square feet of amenities will include multi-tiered infinity swimming pools, private cabanas, executive work lounges, private dining rooms, restaurants, a spa, and health and wellness facilities.

Construction is expected to begin in early 2025, and the residences will be completed and delivered by 2029. 

Miami has become one of the least affordable places to live in the country as condo prices continue to trend upward in recent years.

The highest ever recorded for a condo in the Miami region is currently $60 million, paid by hedge-fund billionaire Ken Griffin in 2015. 

The city experienced a housing market frenzy during the pandemic, when it had an influx of higher-paid newcomers moving from other states.

On Fisher Island - the most exclusive zip code and home to A-list celebrities, Related Group said it has sold two penthouses at more than $150million. 

And a penthouse atop the Ritz-Carlton-branded condo tower in South Beach is marketed at $125million. 

But despite a flurry of ritzy residences across Miami Beach and the rising prices of condos, the market started to cool last summer due to the impact of higher mortgage rates on demand. 

DailyMail.com reported last month that condo sales were down 6.8 percent statewide in Florida from a year ago. 

In Miami, condo prices fell 3 percent in January from a year ago, sales dropped 9 percent and new listings rose 27 percent, according to Redfin. 

Experts say the soaring cost of insurance in Florida, along with rising monthly condo fees, are reducing demand from buyers by making condos more expensive to own. 

According to the Insurance Information Institute, homeowner's insurance in Florida has jumped 102 percent in the last three years, and costs three times more than the national average.

Florida's susceptibility to devastating hurricanes, as well as a high fraud rate in the state, are among the factors driving the increase in insurance premiums.