Empira Group has acquired a 1.2-acre development site in Coral Gables for $18 million, with plans to build a 161-unit luxury multifamily project called The Aurelian. The Swiss-based investment firm announced the purchase as part of its ongoing expansion into Miami-Dade County.
The planned development at 912-921 East Ponce de Leon Boulevard will feature a 12-story building designed by Behar Font, offering 5,000 square feet of public space and a park. Amenities will include a 248-space parking garage, gym with yoga studio, pool, outdoor lounge, and an entrance sculpture by artist Michele Oka Doner.
The seller was Alliance Starlight II, managed by Roberto Trapaga. According to property records, the site currently includes three vacant lots and two small apartment buildings dating back to the mid-20th century. Shani Heskiel of Beachfront Realty represented the seller in the transaction, while Bobby Berrido of Fausto Commercial represented Empira.
Construction on The Aurelian is expected to begin early next year.
Empira is led by Rafael Aregger, Branko Kuzmanović and Michael Marrero. Historically focused on residential real estate investments in German-speaking Europe—primarily on behalf of German pension funds, insurers and banks—the company has been increasing its activity in Miami-Dade since entering the market in 2022 with a $9 million purchase in The Roads neighborhood. That site is now being developed into Enso, an eight-story multifamily project with 85 units.
Last year Empira opened its U.S. headquarters in downtown Miami.
In May this year Empira secured a $111.3 million construction loan for another major project: Perrin, a 26-story apartment tower with 310 units at 244 Southwest Ninth Street in Miami’s Brickell area. The firm had purchased that one-acre site for $21.5 million last year; construction began in June.
Coral Gables is seeing several new residential developments beyond Empira’s plans. Shoma Group intends to build Ponce 8—a Live Local Act project—with 201 apartments over sixteen stories; under state law revised since 2023, such projects can exceed zoning limits if at least forty percent of their units are reserved for households earning up to one hundred twenty percent of the area median income (https://www.floridatrend.com/article/38171/live-local-act-passes-legislature-will-be-tweaked-in-years-to-come).
Another significant transaction took place when Fortune International Group paid $37.5 million for nearly five acres at 6100 Caballero Boulevard this June; Fortune intends to develop a branded condominium valued at $150 million with a total of 251 units (https://therealdeal.com/miami/2024/06/07/fortune-buys-coral-gables-site-for-150m-condo-project/).
“Empira wants to build The Aurelian, a 12-story building with 5,000 square feet of public space and a park, on the 1.2-acre site at 912-921 East Ponce de Leon Boulevard,” according to the firm’s news release.
