Empira Group Purchases Building Site for an 85 Unit Residential Project-CoralGrove Brickell

Empira Group, a Swiss company, has recently invested $9 million in a multifamily building site in Miami's The Roads neighborhood as part of its introduction into South Florida's real estate market.

According to a news release from the developer, Empira plans to erect the eight-story CoralGrove Brickell project on a half-acre plot of land adjacent to Coral Way, between 3025 and 3051 Southwest Third Avenue.

The property currently consists of a two-story and a one-story apartment structure, both of which are vacant and scheduled for demolition this year.

CoralGrove will contain 85 units, ranging from one-bedroom to three-bedroom homes, and 900 square feet of ground-floor retail space.

According to Rafael Aregger, Empira's head of investments in the U.S., the previously approved 79-unit proposal for the site is being modified by Empira to add more units and relocate a pool that was originally planned for a mezzanine level to the rooftop.

According to Aregger, Empira, which has its headquarters in the town of Zug, manages investments on behalf of German organizations like pension funds, insurance companies, and banks. Empira, led by CEO Marcus Bartenstein, manages $7 billion in assets.

The company entered the United States two years ago, but its primary area of interest is real estate in German-speaking regions of Europe. Together with its joint venture partner Zidan Management Group, it has since built up a 2,100-unit apartment portfolio in the Midwest. The company's American headquarters are in Empira's Miami location. Additionally, it maintains offices in Stockholm, Dubai, and London.

According to Empira, the business is considering future development in Sun Belt states including Arizona, Texas, and Florida.

Construction on CoralGrove Brickell is anticipated to begin in 2023 with a completion date in 2025.