MIAMI — Empira Group, a Switzerland-based institutional real estate investment firm, has acquired a development site at 901 SW Third Ave., formerly known as Empire Brickell, in Miami’s Brickell area. The firm plans to build a 26-story apartment tower comprising 310 market-rate units with roughly 2,500 square feet of retail space on the ground floor.
Construction is scheduled to commence in the first quarter of 2024, with completion slated for 2026. The multifamily high-rise, designed by Coral Gables-based Corwil Architects, will offer a range of studio, one-, two- and three-bedroom units along with 380 parking spaces.
Amenities will include a pool, fitness center, lounge area and business center all located on the seventh floor. The building will meet specific environmental and sustainability standards, such as energy efficiency, water conservation, use of sustainable materials and indoor air quality, to achieve at least a LEED Silver certification.
The transaction marks Empira’s second development site acquisition in greater downtown Miami in the last eight months.
“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,” says 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 keep trending upwards.”
Brickell’s Financial District is the second-largest international banking center in the country with over 20 million square feet of office space, according to Empira. Companies such as Blackstone, Google, Citadel Securities, Microsoft, WeWork, Thoma Bravo, CI Financial and Goldman Sachs have entered or expanded their presence in Miami.
Additional partners in the transaction were Grand Peaks Properties, JLL Capital Markets and Greenberg Traurig LLP, which served as legal counsel.
Empira, which maintains an investment office in Miami, currently manages more than $7 billion in assets under management globally. The firm is also building an 85-unit boutique multifamily project in Miami situated 1.5 miles north of 901 SW Third Ave.
— Kristin Harlow