When Emelia Arencibia moved to Brickell Key in 2016, she did not expect to face large financial assessments for repairs and upgrades. After the Surfside condo collapse in 2021, Arencibia was assessed about $47,000 for building improvements at Brickell Key Two. She secured a zero-interest loan to cover the payment, which she described as critical: “saved my life, and saves a lot of people’s lives on this island.”
Now, residents like Arencibia are facing another significant expense: a planned $42 million replacement of the seawall that surrounds Brickell Key. The project is being led by the Brickell Key Master Association (BKMA), where Swire Properties holds a controlling vote.
Brickell Key is a man-made island developed since 1982 and now includes 11 condominium buildings, retail space, and office buildings. Swire Properties first invested in the area in the late 1970s.
According to a presentation from September 10, owners of nearly 3,000 condos on Brickell Key may pay their share through a lump sum, quarterly payments over three and a half years, or with a seven-year loan. Costs per unit will vary depending on size and payment method—from $3,581 to $20,319.
Some owners claim Swire Properties’ U.S. division is advancing the seawall project to align with its plans for the Mandarin Residences luxury development. Although Swire controls only that site directly, it maintains control over BKMA.
The Mandarin Residences project has surpassed $1 billion in presales this year. Remaining units start at about $5 million each.
Swire has applied to demolish the current Mandarin hotel at 500 Brickell Key Drive by implosion next year before constructing two new towers with residences and hotel rooms.
Six condo associations have hired attorney Carl Goldfarb to represent them in discussions with BKMA and Swire regarding both the seawall replacement and baywalk renovation. In September, Goldfarb wrote to condo owners stating: “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 report noted no major settlement or deterioration compared to previous years but observed ongoing deterioration since inspections began in 2014—apart from repairs done in 2018.
A spokesperson for Swire said it has been transparent with residents and held more than ten town hall meetings recently.
The seawall must be maintained against potential flooding events expected once every hundred years; annual inspections are also mandated.
Residents are also concerned that demolition and construction activities could affect the existing seawall built in 1973. A geotechnical report from early 2024 stated that construction vibrations might impact the seawall but would likely cause only cosmetic damage.
Swire plans to contribute roughly $8.4 million—or about 20 percent—of total project costs based on its portion of ownership along the seawall frontage near Mandarin Residences. The remaining cost would be covered by BKMA members.
However, governing documents require only a small contribution from Swire—about 1.8 percent—because of its ownership structure dating back to when BKMA was formed in 1982. Until all units at Mandarin Residences are sold and control passes to unit owners, Swire retains majority voting power.
According to a company spokesperson: “Swire’s planned contribution exceeds its pro-rata share according to the governing documents.”
Owners’ shares will be calculated based on interior square footage plus half their balcony space. BKMA expects to begin collecting payments early next year and will offer financing options through Banco Popular and BankUnited.
Disputes over responsibility have also emerged regarding park maintenance obligations stemming from city agreements made during past amendments to development orders for Brickell Key.
Todd Worthe owns a condo at Carbonell on Brickell Key and argues that Swire should reimburse residents for park maintenance costs over ten years: “Swire agreed to maintain the public park in perpetuity,” Worthe said. “It’s been the residents, not Swire, who have been assessed and paying for maintenance and security… If we’re going to pay for it, shouldn’t it be privatized?”
A spokesperson responded that neither original nor amended development orders require Swire Properties to cover operating expenses.
Two buildings—St. Louis and Isola—control their own sections of seawall but remain subject to BKMA’s overall covenant regarding repairs or replacements.
Anna Brautigam of BKMA wrote: “Choosing to replace their seawalls separately could present several challenges for these associations, and we believe both buildings stand to benefit greatly from being part of the larger project.”
Arencibia reported confusion among neighbors about payment deadlines or amounts owed toward their shares of upcoming costs.
She fears these additional expenses could force her out of her home: “At the end of the day I cannot pay the amount or ask for another loan,” she said. “I feel very insecure about it.”
An earlier version of this story misidentified total estimated costs for replacing Brickell Key’s seawall.
