Empira Group, a Switzerland-based real estate investment firm, says it has acquired a Brickell development site.
The property was formerly known as Empire Brickell or the Grand Peaks site, and has been moving through the approval and permitting process since last year.
It is the second development site purchased by Empira in Miami. The first is about 1.5 miles south, and will include 85 units in a development known as The Roads.
“This investment underlines Empira’s commitment to investing in Miami’s residential real estate market, which is poised for tremendous growth over the next few decades,” said Lahcen Knapp, Empira’s Chairman. “Miami has emerged as one of the top U.S. business hubs and the city’s trajectory and global significance keeps trending upwards.”
“This is just the beginning of our investment strategy in key U.S. markets,” added Rafael Aregger, Empira´s Head of Investments US in Miami. “Among developed countries, the U.S. has one of the most significant housing shortages, which presents a tremendous growth opportunity for us. We are focused on cities experiencing rapid population and job growth such as Miami, Fort Lauderdale, Tampa, Dallas, Austin, and Phoenix among others. Our experience and financial strength will help us bring new housing to markets that need it most.”
At the Brickell site, Empira plans to build a 26-story tower with 310 market-rate apartments, 380 parking spaces, and around 2,500 square feet of ground floor retail space.
Construction is planned to begin in the first quarter of 2024, with completion scheduled for 2026.
Corwil is the architect.
Colliers Vice President Virgilio Fernandez represented the seller, Progesti Corp., in the transaction. The sale closed on April 17 for $21.5 million.
Other partners in this transaction were Grand Peaks Properties, JLL Capital Markets, and Greenberg Traurig.
