Meta Development has secured a $28 million construction loan from Los Angeles-based Arixa Capital to develop Opus, a 12-unit boutique condominium project in Coconut Grove. Meta is a Miami-based joint venture between Lucid Investment Group and Brazil’s Iron Capital, led by CEO Andrew Rasken.
According to the company, demolition of the existing rental townhome complex at 3127 Southwest 27th Avenue will begin soon. Completion of Opus is expected in 2027. Records show that a Meta affiliate purchased the property for $6.7 million in 2023.
Opus is designed by Brazilian architect João Armentano of Miami-based Kobi Karp Architecture & Interior Design. The project is currently 50 percent presold. The six-story building will offer three- and four-bedroom units ranging from 1,900 to 2,600 square feet, including two penthouses. Prices start at $2.8 million.
Amenities planned for Opus include a pool, fitness center, private business suites, a children’s center, and an autonomous parking system with charging bays for electric vehicles.
The Coconut Grove area has seen increased buyer interest in older condominium buildings for potential redevelopment. In June, Mast Capital and BH Group acquired more than 75 percent of units at Bayshore Park condominium for at least $20 million and plan to redevelop the site into a new luxury condo building. The property is located near Monty’s Coconut Grove restaurant and the marina.
In May, Canero Group purchased all units at Chateau Grove condominium for $17.3 million with plans to rent out the units initially while considering future redevelopment options with partners Maria Bustamante and Juan Puig.
