Meta Development has secured a $28 million construction loan from Los Angeles-based Arixa Capital to build Opus, a 12-unit boutique condominium in Coconut Grove. Meta is a joint venture between Miami’s Lucid Investment Group and Brazil’s Iron Capital, led by CEO Andrew Rasken.
The company plans to start demolition soon on the former rental townhome complex at 3127 Southwest 27th Avenue, with completion of Opus expected in 2027. Meta acquired the property for $6.7 million in 2023.
Opus is designed by Brazilian architect João Armentano of Kobi Karp Architecture & Interior Design, based in Miami. The project is reportedly 50 percent presold and will include three- and four-bedroom units ranging from 1,900 to 2,600 square feet. Two penthouses are part of the development, with prices starting at $2.8 million.
Amenities will include a pool, fitness center, private business suites, a children’s center, and an autonomous parking system with charging bays for electric vehicles.
Coconut Grove has recently seen increased interest from buyers looking to redevelop older condominium buildings. In June, Mast Capital and BH Group acquired more than 75 percent of the units at Bayshore Park for at least $20 million with plans to terminate the condo association and redevelop the site into a new luxury building. The property is located near Monty’s Coconut Grove restaurant and the marina.
In May, Canero Group purchased all units at Chateau Grove for $17.3 million and intends to rent them out while considering future redevelopment options with partners Maria Bustamante and Juan Puig.
