Empira Group has acquired a 1.2-acre development site in Coral Gables for $18 million and announced plans to build a 161-unit luxury multifamily project named The Aurelian. The Swiss investment firm continues to expand its presence in Miami-Dade County, following its initial entry into the market three years ago.
The proposed project, located at 912-921 East Ponce de Leon Boulevard, will feature a 12-story building with 5,000 square feet of public space and a park. According to Empira’s news release, amenities will include a 248-space 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. It currently includes three vacant lots and two small apartment buildings dating back to the mid-20th century. Shani Heskiel of Beachfront Realty represented the seller in the transaction; Bobby Berrido of Fausto Commercial represented Empira.
Construction is expected to begin early next year.
Empira is led by Rafael Aregger, Branko Kuzmanović and Michael Marrero. The firm has historically focused on private equity and debt investment in residential real estate across German-speaking Europe on behalf of institutional investors such as pension funds and insurance companies.
Since entering Miami-Dade in 2022 with a $9 million purchase in The Roads neighborhood for its Enso project—a planned eight-story building with 85 units—Empira has expanded its U.S. operations from its base in Zug, Switzerland. Last year it opened its U.S. headquarters in downtown Miami.
In May this year, Empira secured a $111.3 million construction loan for another major development: the Perrin apartment tower at 244 Southwest Ninth Street in Miami’s Brickell area. The company had acquired that one-acre site for $21.5 million last year; construction began this June.
Other residential projects are also underway or planned in Coral Gables. Shoma Group is preparing the city’s first Live Local Act project: Ponce 8—a proposed 16-story building with 201 apartments—under Florida legislation allowing larger developments if at least 40 percent of units are reserved for moderate-income households based on area median income criteria approved since 2023.
In June, Fortune International Group paid $37.5 million for a redevelopment site at 6100 Caballero Boulevard where it intends to build a branded condominium project valued at $150 million with plans for up to 251 units.
