Switzerland-based real estate investment firm Empira Group (Empira) acquired a rare 0.53-acre development site west of Brickell that consists of two vacant aged apartment buildings at 3025 and 3051 Southwest 3rd Avenue. The developer has plans to build an 8-story mid-rise multifamily project in “The Roads” neighborhood, named CoralGrove Brickell, to satisfy the area’s rising demand for housing fueled by businesses relocating to Miami’s urban core. Designed by Revuelta Architecture International (Revuelta), the project is planned to yield 85 residential units in a mix of one-, two- and three-bedroom floor plans and 900 square feet of ground floor retail. Empira closed on the acquisition of the sites on August 29th, aiming to break ground in the second half of 2023 and deliver the project in 2025.
Revuelta’s architectural design for CoralGrove aligns with the Coral Way Beautification Master Plan due to the project being located on the Coral Way corridor, embodying and embracing several design principles that have defined the corridor’s architectural history and heritage. Several architectural elements such as steady volumetric design, minimal articulation, rounded corners, floor-to-ceiling windows and balconies contribute to the maintenance of the building design standards. The structure embraces a design with a clearly expressed base, body, and top in terms of materials, colors, and details.
Renderings depict the proposed building clad in blue-green tinted glass with grey aluminum trims. Perimeter walls will be finished in grey smooth stucco, and the garage will be screened with decorative aluminum screens. A massive glass and metal canopy will hover over the curved entrance on the corner of Southwest 31st Road and Southwest 3rd Avenue.
CoralGrove Brickell, which is a five-minute walk from the Viscaya Metrorail Station, will promote walkable urban living. Future tenants will be able to trade their cars for the Metrorail to travel around the tri-county area. That is important for Empira, whose institutional investors are committed to the highest ESG standards for their developments in Europe and the US. CoralGrove Brickell will be LEED certified which promotes not only more sustainable buildings from an environmental perspective but also a healthier living environment for the building´s users.
“CoralGrove Brickell is one of the most exciting boutique residential projects in Miami,” said La Cava. “It is perfectly positioned to capitalize on the influx of high-paying tech and finance jobs moving from New York City, Chicago, and San Francisco. “Empira’s entrance to the Miami market is a big deal as they look to expand in South Florida and across the US.”
“Empira Group is very excited to close a unique acquisition in Miami,” said Rafael Aregger, Empira’s Head of Investments US. “The city is benefitting from a strong in-migration from other states and all over the world, and we have a very positive outlook on the future of Miami and its population’s growth. Centrally located, the upscale boutique project will cater to professionals and families who want to be close to Miami’s largest employment centers, including Brickell, downtown Miami, Coral Gables and Coconut Grove. The building was designed to offer residents highly attractive living space and amenities that promote a healthy lifestyle.”