Empira Group has purchased a development site in Coral Gables for $18 million, with plans to build a 161-unit luxury multifamily project. The Swiss firm’s latest acquisition is part of its growing presence and investment activity in Miami-Dade County since it entered the market three years ago.
According to a news release from Empira, the company intends to construct The Aurelian, a 12-story building featuring 5,000 square feet of public space and a park on the 1.2-acre property at 912-921 East Ponce de Leon Boulevard. The design by Behar Font will include amenities such as a 248-space garage, gym with yoga studio, pool, outdoor lounge, and an entrance sculpture by artist Michele Oka Doner.
The seller of the site was Alliance Starlight II, managed by Roberto Trapaga. The property currently consists of three vacant lots and two two-story apartment buildings with a combined total of 16 units built in 1945 and 1954. Shani Heskiel from Beachfront Realty represented the seller while Bobby Berrido from Fausto Commercial represented Empira.
Construction on The Aurelian is scheduled to begin early next year.
Empira is led by Rafael Aregger, Branko Kuzmanović, and Michael Marrero. The firm has traditionally focused on private equity and debt investments in residential real estate across German-speaking regions of Europe. It invests capital on behalf of German pension funds, insurance companies, and banks.
Since entering Miami-Dade in 2022 through the $9 million purchase of a half-acre development site in Miami’s Roads neighborhood, Empira has expanded its local portfolio. The company is currently developing Enso, an eight-story multifamily project with 85 units at 3025 and 3051 Southwest Third Avenue.
In addition to expanding its development pipeline locally, Empira opened its U.S. headquarters in downtown Miami last year.
In May this year, Empira secured a $111.3 million construction loan for Perrin—a planned 26-story apartment tower with 310 units located at 244 Southwest Ninth Street in Brickell—after acquiring the one-acre site for $21.5 million in 2023. Construction on Perrin began in June.
Coral Gables continues to attract new residential developments from various firms. Shoma Group is planning Ponce 8—a proposed 16-story building with 201 apartments—which would be the city’s first Live Local Act project under Florida legislation that permits larger developments if at least forty percent of units are designated as affordable for households earning up to one hundred twenty percent of area median income.
Additionally, Fortune International Group bought a nearly five-acre redevelopment site at 6100 Caballero Boulevard for $37.5 million last month and plans to build a branded condominium project valued at $150 million with approximately two hundred fifty-one units (https://therealdeal.com/miami/2024/06/10/fortune-international-pays-38m-for-coral-gables-redev-site-plans-condos/).
“Empira wants to build The Aurelian, a 12-story building with 5,000 square feet of public space and a park, on the 1.2-acre site at 912-921 East Ponce de Leon Boulevard,” according to the firm’s news release.
“Designed by Behar Font, the project will include a 248-space garage, a gym with a yoga studio, pool, outdoor lounge and a sculpture at the entrance by artist Michele Oka Doner.”
“Construction of The Aurelian is expected to start early next year,” according to the release.
