Baccarat Brickell 2026 Construction Update: Prices and Comps

Baccarat Residences Brickell is under construction at 99 SE 5th Street, with current public materials and construction reporting pointing to estimated early 2028 completion. Related Group and SH Hotels & Resorts are building a 75-story, 324-unit branded tower, a project that validates the branded-luxury thesis while presenting a critical pricing and timeline question for Miami buyers in 2026. The data tells us something important: Baccarat is priced for a specific buyer profile, and it isn't for everyone.

The project's construction progress arrives at an inflection point. Miami's luxury market is experiencing record prices ($1.23 million average) paired with high inventory (23 months of supply). International capital continues to flow in, particularly from Latin America, but domestic buyer appetite has softened. Understanding where Baccarat fits in this landscape is essential for making an informed decision.

Baccarat Residences: The Essentials

"I structured 2 Baccarat assignment deals in Q1 2026. On a $2.6M contract, holding 12 months before sale saves roughly $195,000 in short-term capital gains versus flipping at closing. That's the math, every time."Gerardo Gonzalez, Licensed Real Estate Agent at Compass

Let's start with the fundamentals. Baccarat Residences is located in Brickell's central spine, between downtown and the river, where demand for ultra-luxury residences remains concentrated. The tower rises 75 stories with residences beginning on the 15th floor, a layout that maximizes river and bay views while creating clear separation between hospitality and residential programming.

The design is the story Baccarat wants you to hear first. Arquitectonica's crystal-inspired glass facade is visually distinctive, intentionally designed to differentiate the tower from the growing cluster of glass-box luxury condos in Brickell. Meyer Davis interiors and Enzo Enea's landscape design signal a commitment to amenity quality that extends beyond lobbies and swimming pools.

The question is whether that design premium justifies the pricing. Let's look at the numbers.

Pricing Breakdown: What You're Actually Paying

Baccarat's unit pricing is stratified by type and elevation:

• Tower Residences (1BR+den): $2.5M,$6M (~$1,600,$1,800 per sq ft)
• River Flats & Duplexes (2BR+den to 3BR+den): $2.3M,$5.3M (~$1,500,$1,700 per sq ft)
• Penthouses: $9M,$27M ($2,500,$3,000 per sq ft)

Those penthouse prices need context. Resale listings for delivered units are trading at a significant premium: $5.6M to $31.8M depending on location and finishes. That premium signals two things: (1) early buyers may be positioned for appreciation by completion, and (2) those early positions can be tight and require cash or strong financing.

The broader data picture: Miami's average luxury sold price stands at $1,214,067, with pricing per square foot at $1,030. Baccarat's entry pricing at $1,600,$1,800 per sq ft is well above market average. That's a 55,75% premium over median luxury pricing, which is justified by location, brand, and design, but not guaranteed to perform for buyers entering near peak pricing. Before making that call, I recommend running the building through my condo financial health checklist to assess reserves, insurance, and HOA governance. New construction like Baccarat qualifies for Florida's SB 4D 10-year reserve exemption, which is a meaningful carrying-cost advantage over older resale buildings already facing mandatory reserve catch-up.

The Competitive Landscape: How Baccarat Stacks Up

Brickell's branded luxury pipeline is deep. Baccarat doesn't operate in isolation. It competes directly with four other major branded developments that define the segment. My branded residences vs unbranded 2026 analysis quantifies the appreciation gap with actual transaction data so you can evaluate whether the premium is justified at Baccarat's price point.

What does this table tell us? Cipriani offers lower entry pricing with greater unit count, appealing to investors and value-buyers. Mercedes-Benz Places is priced aggressively at $1,000,$1,200 per sq ft, using its automotive brand and scale to capture price-sensitive international buyers. St. Regis is the ultraluxury play at 154 units, exclusivity at a premium.

Baccarat sits in the middle: premium pricing, moderate unit count (324), and design differentiation via the crystal facade. It appeals to buyers who want branded pedigree without the lifestyle-heavy programming of Mercedes or the ultra-limited tier of St. Regis. The positioning is defensible but dependent on maintaining pricing power as competing supply ramps.

Market Context: The Supply Paradox

Here's where the analysis gets nuanced. Miami's luxury market is experiencing a contradiction: record prices paired with high inventory. The numbers below are sourced from Miami Realtors Association MLS data and Compass market reports for April 2026:

What this means: Sellers are holding firm on pricing even as buyer volume declines. The market has bifurcated. Cash buyers and well-capitalized international investors are active and setting prices. Mortgage-dependent domestic buyers are sidelined by rising inventory and rate uncertainty.

For Baccarat specifically, this environment is mixed. Advanced pre-construction inventory has appeal: buyers can see meaningful vertical progress, but completion risk and timeline uncertainty still matter. But at $1,600,$1,800 per sq ft, Baccarat requires either substantial cash positions or jumbo financing at 5.98% rates. My guide on the true cost of owning a Miami luxury condo breaks down HOA fees, assessments, insurance, and tax carry costs that matter just as much as the purchase price. That buyer pool is narrower than it was two years ago.

The International Buyer Angle

Foreign capital is the real story. In 2025, international buyers invested $4.4 billion in South Florida residential real estate, with 49% of all luxury condo sales over the last 18 months completed by international purchasers. Geography matters:

• Colombia: 15% of international buyer volume
• Argentina: 11%
• Mexico: 7%
• Brazil: 7%
• Venezuela: 5%

For these buyers, the Baccarat brand and Related Group's track record (100,000+ units delivered globally) function as trust signals. A Brazilian family hedging against inflation, or a Colombian entrepreneur seeking a Miami base, will evaluate Baccarat differently than a domestic buyer focused on resale appreciation. The branded pedigree, design, and hospitality integration matter more than per-sq-ft comparisons to Cipriani.

A weaker U.S. dollar in early 2026 has further accelerated inbound capital, providing a tailwind for priced-in-dollars luxury real estate.

Gerardo's Take: Who This Building Is For (And Who It Isn't)

Baccarat works for: International buyers seeking brand-affiliated real estate with design differentiation, brand-affiliated real estate with design differentiation, advanced construction progress, and early 2028 delivery exposure. End-users comfortable with $1,600,$1,800 per sq ft pricing. Investors betting on continued international capital inflows and branded-luxury outperformance versus non-branded inventory.

Baccarat doesn't work for: Domestic buyers prioritizing per-sq-ft value or maximum square footage. Investors betting on price appreciation in a market with 23 months of supply. Buyers uncomfortable with fixed-rate financing at 5.98% jumbo rates. Anyone comparing Baccarat on pricing alone to Cipriani or Mercedes, you'll lose that battle.

The delivery milestone is legitimate validation. Related Group + SH Hotels executed the project on timeline with architectural distinction. The question isn't execution. It's whether you're the buyer this building is designed for.

The data supports continued international demand for branded Miami luxury, but it also shows high inventory and softer domestic buyer volume. Baccarat's positioning is defensible. But pricing power depends on maintaining the international capital flows that have defined the market since 2023. See the pre-construction vs. resale data analysis for the full comparative picture.

Explore All 15 Miami Pre-Construction Projects for 2026 →

Market data as of April 2026. This article is for informational purposes only and does not constitute financial or investment advice.

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