Empira Group Acquires Miami Development Site

The 85-unit project will rise near Vizcaya Metrorail Station.

CoralGrove Brickell. Image courtesy of JLL Capital Markets

Switzerland-based Empira Group has purchased CoralGrove Brickell, a residential development site in Miami. JLL Capital Markets represented the seller, an unnamed South American investor.

Located between Brickell and Coral Gables, Fla. at 3051 SW Third Ave., the property is slated to encompass 85 units. The 0.53-acre plot is in proximity of Vizcaya Metrorail Station and Interstate 95, while downtown Miami is less than 3 miles away.

Revuelta Architecture International is responsible for the design of the building aiming for LEED certification. CoralGrove Brickell will offer one-, two- and three-bedroom units, as well as 900 square feet of ground-floor retail. Common-area amenities will include a fitness center, game room, gourmet kitchen and rooftop swimming pool.

The JLL Capital Markets Investment Advisory team involved in the deal included Directors Simon Banke and Max La Cava, along with Analyst Danielle Fernandez. Back in January, Banke was also part of the team that closed the sale of the PGA Station development site in Palm Beach Gardens, Fla. The Richman Group picked up the 3.61-acre plot in a $20.5 million deal.

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