Meta Development has secured a $28 million construction loan from Los Angeles-based Arixa Capital to build Opus, a planned 12-unit boutique condominium in Coconut Grove. The Miami-based developer is a joint venture between Lucid Investment Group and Brazil’s Iron Capital, with Andrew Rasken serving as CEO.
Demolition of the existing rental townhome complex at 3127 Southwest 27th Avenue is expected to begin soon. Completion of the Opus project is targeted for 2027. Meta acquired the property for $6.7 million in 2023.
The six-story building, designed by Brazilian architect João Armentano of Kobi Karp Architecture & Interior Design, will offer three- and four-bedroom units ranging from 1,900 to 2,600 square feet. Two penthouses are included among the units, with prices starting at $2.8 million. According to the release, half of the units have already been presold.
Amenities at Opus will include a pool, fitness center, private business suites, a children’s center, and an autonomous parking system equipped with charging bays for electric vehicles.
Coconut Grove has recently attracted increased interest from buyers seeking older condo buildings for redevelopment opportunities. In June, Mast Capital and BH Group purchased more than 75 percent of units in Bayshore Park at 2545 South Bayshore Drive for at least $20 million. The firms plan to terminate the condo association and redevelop the site into a new luxury condominium building near Monty’s Coconut Grove restaurant and marina.
In May, Canero Group bought all units at Chateau Grove on Virginia Street for $17.3 million. The firm intends to rent out these units initially but is also considering future redevelopment plans with partners Maria Bustamante and Juan Puig.
