Swiss Developer Says It Will Begin Construction On 26-Story Brickell Tower In Q1 2024

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.

 

24 Comments
most voted
newest oldest
Inline Feedbacks
View all comments
Anon
1 month ago

Excited for more retail and restaurants in this part of Brickell!

Anon
1 month ago

Plus OkeyDokey opening nearby on 8th in Brickell. One-of-a-kind food hall concept with three floors of culinary experiences, live music and entertainment. Miami winning!

https://www.timeout.com/miami/news/look-inside-this-new-three-story-food-hall-coming-to-brickell-041823

Anonymous
1 month ago

This isnt Brickell

Not New Here
1 month ago

Need glasses? Both articles: “At the Brickell site” / “Coming to Brickell”

Anonymous
1 month ago

With the unit count raised about 60 units from previous design, it may be more feasible to upgrade finishes and design, esp in this highly visible gateway area to the Brickell neighborhood. Empira’s other Miami project is stunning, so I am hopeful!

Anonymous
1 month ago

Still better than that “meticulously designed” box.

Anonymous
1 month ago

Again not Brickell

anon
1 month ago

The pergula detail on top looks better now that its white with thicker beams. IMO the earlier rendering made it look industrial. It looks cleaner and more modern now.

Ignacius Reilly
1 month ago

This property is not highly visible.

It is on SW 3rd Ave (one way) a rarely trafficked street unless you live there, and un-noticable from Calle Ocho or Carlos Arboleya Blvd.

True. It is on a I-95 On ramp, but it is at the point where drivers should be negotiating that right turn around the shamrock to enter the freeway.

These guys do great buildings, in B minus C+ areas in Miami.
There European properties are Class A and amazing. Wondering why they pass on all the great offerings and chose these lots. Even at $70k per buildable unit, these properties can’t possibly excite the notoriously unexcitable Swiss.

Brickellist
1 month ago

Can’t wait to see this go up!

Anonymous
1 month ago

Wow… Brickell is transforming. Getting nicer. Smart to add the diner concept. Looks like Empire Diner in Chelsea. Haven’t seen any like this in Brickell.

Anonymous
1 month ago

Excited to see this part of Brickell active. So many cranes in the area and road improvements!

Miagra
1 month ago

Let’s get this up ⬆️

Anonymous
1 month ago

Love the pedestrian interaction of the front!

Name*
1 month ago

Don’t forget, ‘the Roads’ development 1.5 miles south of this is next to Viscaya station, not randomly placed in the Roads.

Name*
1 month ago

Actually no, it’s on Coral Way a couple blocks from the station. There was another one at the station.

Ignacius Reilly
1 month ago

Thank goodness for the Highest ESG Standards. That will help the Swiss fund attract investment from the Teachers Union when they burn the money on inferior locations.

Miami Winning
1 month ago

🏙️🇨🇭 🎉 🇺🇸

Anon
1 month ago

Good infill but I wish it had double the units

Anonymous
1 month ago

It would be nice if the garage was hidden with units and retail. Good amount of foot traffic already.

Anonymous
1 month ago

On a side note there’s equipment and activity on the Lofty site!

Truth Matters
1 month ago

I want to see activity at the OKAN site. Any updates on that? By far, my favorite project in Miami

Melo is sigma and Chad
1 month ago

Good more development for west brickell.