Empira Group has acquired a 1.2-acre development site in Coral Gables for $18 million, where it plans to build a 161-unit luxury multifamily project called The Aurelian. The Swiss real estate investment firm continues to expand its presence in Miami-Dade County, following its entry into the market three years ago.
According to Empira’s announcement, The Aurelian will be a 12-story building featuring 5,000 square feet of public space and a park at 912-921 East Ponce de Leon Boulevard. Designed by Behar Font, the project will also include a 248-space parking garage, gym with yoga studio, pool, outdoor lounge, and an entrance sculpture by artist Michele Oka Doner.
The property was sold by Alliance Starlight II, managed by Roberto Trapaga. The site currently consists of three vacant lots and two 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 private equity and debt investment in residential real estate across German-speaking Europe for institutional investors such as pension funds and insurance companies, Empira has been increasing its activities in South Florida since purchasing a half-acre site in Miami’s The Roads neighborhood for $9 million in 2022. On that site at 3025 and 3051 Southwest Third Avenue, Empira is developing Enso, an eight-story multifamily project with 85 units.
In addition to expanding its portfolio through acquisitions and new developments like Enso and The Aurelian, Empira opened its U.S. headquarters last year in downtown Miami.
Earlier this year, Empira secured a $111.3 million construction loan for Perrin—a planned 26-story apartment tower with 310 units at 244 Southwest Ninth Street in Brickell—after acquiring that one-acre development site for $21.5 million in 2023. Construction on Perrin began this June.
Other developers are also planning residential projects in Coral Gables. Shoma Group intends to build Ponce 8—a proposed 16-story building with 201 apartments—which will be the city’s first Live Local Act project under state legislation allowing increased density if at least forty percent of units are set aside as affordable housing relative to area median income levels.
In June, Fortune International Group paid $37.5 million for nearly five acres at 6100 Caballero Boulevard with plans for a branded condominium development totaling $150 million and containing over two hundred fifty units.
