Empira Group has acquired a 1.2-acre development site in Coral Gables for $18 million, with plans to build a 161-unit luxury multifamily project called The Aurelian. The Swiss investment firm announced that the new development will feature a 12-story building at 912-921 East Ponce de Leon Boulevard, including 5,000 square feet of public space and a park.
The project, designed by Behar Font, is set to include amenities such as a 248-space garage, gym with yoga studio, pool, outdoor lounge, and an entrance sculpture by artist Michele Oka Doner. According to records, Alliance Starlight II—managed by Roberto Trapaga—sold the property to Empira. The site currently consists of three vacant lots and two two-story 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 Group. 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 investments in residential real estate across German-speaking Europe for institutional investors such as pension funds and insurance companies, Empira has been increasing its activity in Miami-Dade County since entering the market in 2022 with a $9 million purchase of land in Miami’s The Roads neighborhood. That site is now being developed into Enso, an eight-story multifamily building with 85 units.
In addition to its Coral Gables project and Enso development, Empira opened its U.S. headquarters in downtown Miami last year. In May this year, it 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 site for $21.5 million in 2023. Construction on Perrin began this June.
Other developers are also planning major residential projects in Coral Gables. Shoma Group aims to build Ponce 8—a proposed 16-story apartment building with 201 units—which will be the city’s first under Florida’s Live Local Act requiring affordable housing components for larger developments based on area median income limits established by recent state legislation.
Additionally, Fortune International Group purchased a redevelopment site at 6100 Caballero Boulevard for $37.5 million last month and intends to construct a branded condominium project valued at $150 million featuring 251 units.
