Swiss developer will debut in Miami with a multi-family project

Swiss developer will debut in Miami with a multi-family project

Empira Group, a Swiss developer, entered the South Florida real estate market. According to its press release, the development company intends to build the 8-story CoralGrove Brickell building on a half-acre plot at 3025 and 3051 Southwest Third Avenue. To this end, it purchased The Roads, a multi-family residential complex, for $9 million.

According to the documents, the seller was a branch of Ambienta Developers based in Santiago, Chile, led by its CEO Claudio Cordero. In 2020, the company paid $5.85 million for this property, i.e. its capital gain upon reselling reached 54%.

The plot accommodates a two-story home and a one-story multi-family house. Both properties are idle and subject to demolition this year, according to the documents and the press release.

Empira Group has adjusted the previously approved design to increase the number of apartments and move the swimming pool to the roof. Upon construction completion, CoralGrove Brickell will offer 85 one to three-bedroom apartments and over 80 m2 of retail space on the ground floor.

The construction is expected to begin in the second half of the next year and finish in 2025.

Empira Group is mostly involved with real estate in German-speaking parts of Europe but it entered the US market two years ago. Since then, the company has accumulated a portfolio of 2,100 apartments in the Midwest along with its partner, Zidan Management Group. Empira’s Miami office is the company’s headquarters in the USA. It also has offices in London, Stockholm, and Dubai.

Empira has always been planning to expand to the USA because the local real estate offers a much higher return, and the latest events in Europe only solidified the company’s plans. The Russian military operation in Ukraine caused a hike of oil and construction material prices.

In the future, the company is planning to expand not only in Florida but also in Arizona and Texas. Over the past two years, the market of multi-family houses has been flourishing in South Florida due to the influx of population. This enabled local landlords to increase the rent. And even though the growth has slowed down over the past months, the local market still attracts promising developers from all over the world.

Subscribe to newsletter