When Emelia Arencibia moved to Brickell Key in 2016, she expected her one-bedroom condo to be her final home. However, after the Surfside condo collapse in 2021, she was required to pay a $47,000 assessment for building repairs and upgrades at Brickell Key Two. She managed this payment through a zero-interest loan that 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 like Arencibia face another major expense: the replacement of the seawall surrounding Brickell Key. The project is being led by the Brickell Key Master Association (BKMA), which is controlled by Swire Properties.
Brickell Key was developed starting in 1982 and consists of 11 condominium buildings as well as retail and office space. Swire Properties first invested in the island in the late 1970s.
A presentation from September estimates that replacing the seawall will cost about $42 million, with construction potentially beginning in 2026. Owners of nearly 3,000 condos could pay their share either as a lump sum, quarterly over three-and-a-half years, or through a seven-year loan. Depending on payment method and unit size, costs range from $3,581 to more than $20,000 per unit.
Some owners claim Swire’s U.S. division is moving forward with the project now because it also plans to replace the seawall at its future Mandarin Residences luxury development site. Although Swire only controls that site directly, it holds a majority vote on BKMA.
The Mandarin Residences project has surpassed $1 billion in presales this year; remaining units start at around $5 million. Swire has applied for city approval to demolish the existing Mandarin hotel at 500 Brickell Key Drive by implosion next year before constructing two towers containing both condos and hotel rooms.
Six condo associations—Brickell Key One, Brickell Key Two, Isola, St. Louis, Corvoisier Courts and Carbonell—have hired attorney Carl Goldfarb to engage with BKMA and Swire regarding both the seawall replacement and baywalk renovation projects. In a letter sent in September to owners on Brickell Key, 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 of the seawall structure” compared to previous years but noted ongoing deterioration since inspections began in 2014.
A spokesperson for Swire stated that “the company has been transparent with Brickell Key residents,” adding that more than ten town hall meetings have been held recently.
By regulation, annual inspections are required for protection against potential flooding events occurring once every hundred years. Some residents also worry about possible impacts from demolition and construction related to new developments near an existing seawall built in 1973. A geotechnical report completed earlier this year indicated vibrations from construction could affect the wall but suggested any resulting damage would likely be cosmetic.
According to an April presentation by BKMA General Manager Anna Brautigam confirmed by sources familiar with negotiations, Swire plans to cover about twenty percent—or roughly $8.4 million—of total estimated costs based on its property frontage along its development site; BKMA would handle costs for other portions of the wall.
However, governing documents from when BKMA was formed in 1982 require only a minimal contribution—about 1.8 percent—from Swire Properties until control shifts after completion and sale of units at Mandarin Residences.
Swire’s spokesperson said: “Swire’s planned contribution exceeds its pro-rata share according to the governing documents.”
Unit owner contributions will be calculated using interior square footage plus half their balcony area; collection is expected to begin early next year with financing options available via Banco Popular and BankUnited.
There are further disputes regarding responsibility for public park maintenance on Brickell Key stemming from amendments made by Miami City Commission ten years ago requiring Swire “to dedicate, develop and perpetually maintain” certain waterfront parks as part of expanded residential allowances on site. Todd Worthe—a resident owner—argues residents have borne these maintenance costs instead:
“Swire agreed to maintain the public park in perpetuity,” Worthe said. “It’s been the residents not Swire who have been assessed… If we’re going to pay for it shouldn’t it be privatized?”
In response: “The 1975 development order and [its] amendment do not impose any obligations of operating expenses to Swire Properties,” according to a company spokesperson.
For two buildings—St. Louis and Isola—that control their own sections of seawall but remain subject under association covenants: “Choosing to replace their seawalls separately could present several challenges… both buildings stand to benefit greatly from being part of larger project,” Brautigam wrote in correspondence shared with owners.
Some confusion remains among owners regarding payment timelines or exact amounts owed toward upcoming work; some believe payments were due October first while others await detailed estimates from management association officials.
Arencibia says extended construction periods combined with rising assessments may force her out:
“At end of day I cannot pay amount or ask for another loan,” she said.“I feel very insecure about it.”
