When Emelia Arencibia purchased her condo on Brickell Key in 2016, she anticipated a permanent home. After the Surfside condo collapse in 2021, she was assessed approximately $47,000 for building upgrades and repairs. She secured a zero-interest loan to cover the payment, which she will begin repaying next year.
“The financing saved my life, and saves a lot of people’s lives on this island,” Arencibia said.
Now, residents face another financial burden: a proposed $42 million replacement of the seawall surrounding Brickell Key. The project is being led by the Brickell Key Master Association (BKMA), where Swire Properties holds a controlling vote.
Brickell Key was developed starting in 1982 and currently includes 11 condominium buildings, retail spaces, and office buildings. Swire Properties acquired its stake in the late 1970s.
According to a presentation from September 10, construction could start as early as 2026. Nearly 3,000 unit owners are being offered payment options including lump sum payments or loans over several years. Depending on their choice and unit size, owners may pay between about $3,581 and $20,319 for the assessment.
Some residents believe that Swire Properties’ U.S. arm is advancing the project now because it also plans to replace the seawall near its planned Mandarin Residences luxury development. Swire maintains control of BKMA despite only holding land at that site.
The Mandarin Residences has exceeded $1 billion in presales this year with remaining units starting at about $5 million. Swire has applied to demolish the current Mandarin hotel by implosion next year before constructing two new towers with residential and hotel units.
Six condominium associations have hired attorney Carl Goldfarb to address concerns regarding both the seawall replacement and baywalk renovation with BKMA and Swire. In a letter sent to owners in September, Goldfarb wrote: “This work conveniently coincides with the timing of Swire’s plans for development of the Residences at the Mandarin Oriental, even though the August 6, 2024 seawall inspection report commissioned by the BKMA concluded, ‘No immediate structural repairs are required at this time.’”
The August inspection found no significant settlement or deterioration compared to previous years but did note gradual wear since inspections began in 2014.
A spokesperson for Swire stated that they have communicated openly with residents through more than ten town hall meetings recently. The spokesperson also noted that maintaining the seawall is necessary to protect against rare flood events and that annual inspections are required by records.
Some residents worry about potential damage from demolition vibrations related to new construction projects nearby; however, an early-2024 geotechnical report indicated such effects are usually cosmetic rather than structural.
Swire plans to cover around 20 percent—approximately $8.4 million—of total costs for portions fronting its development site while BKMA will handle costs for remaining sections. According to association documents established when BKMA formed in 1982, Swire would be obligated only for about a 1.8 percent share based on ownership structure until after selling out its new project units.
“Swire’s planned contribution exceeds its pro-rata share according to the governing documents,” said their spokesperson.
Owner contributions will be calculated based on interior square footage plus half of balcony space; financing options are expected from Banco Popular and BankUnited once collections begin early next year.
Disputes over payment responsibilities extend beyond just seawall maintenance. In an amendment passed by Miami’s City Commission ten years ago modifying development terms set forth in 1975, Swire agreed to develop—and maintain—a public park area on Brickell Key permanently as part of increased residential allowances granted then.
Todd Worthe—a resident owner—stated: “Swire agreed to maintain the public park in perpetuity… It’s been residents paying for maintenance and security… If we’re going to pay for it shouldn’t it be privatized?”
In response, Swire clarified: “The 1975 development order and [the] 2015 amendment do not impose any obligations of operating expenses [on] Swire Properties.”
For two buildings—St. Louis and Isola—that manage their own sections of seawall but remain under BKMA covenants regarding these structures—a letter from General Manager Anna Brautigam suggested participation in collective repairs offers benefits despite logistical challenges if handled separately.
Arencibia expressed uncertainty about affording further assessments or loans: “At the end of the day I cannot pay [the] amount or ask for another loan… I feel very insecure about it.”
An earlier version misstated total estimated costs associated with replacing Brickell Key’s seawall.
