Construction is set to begin on an eight-story apartment community dubbed CoralGrove Brickell in Miami, Florida. The developer, Empira Group, recently purchased a half-acre property for the project, located along Coral Way at Southwest Third Avenue. JLL Capital brokered on behalf of Ambienta, who sold the property at $9 million and about 54 % profit.
At present, the CoralGrove Brickell property has two vacant buildings on-site. It is occupied by a one-story and two-story apartment building, which are both scheduled for demolition later this year. However, construction is expected to start by the second half of 2023, with its delivery date set for 2025.
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Development plans for the CoralGrove Brickell apartments
The developer is changing the previously approved plan for 79 units and making the CoralGrove Brickell an 85-unit apartment. Besides the increased units, the new plan also repositions a pool, once slated for a mezzanine level, at the rooftop. The development will feature a mix of one-bedroom, two-bedroom, and three-bedroom units. Additionally, a 900-square-foot retail component will be included on the ground floor. Residents will also enjoy access to a fitness center, gourmet kitchen, and a game room.
The design plans by the award-winning Revuelta Architecture International emphasize attractive living spaces and amenities that promote a healthy lifestyle. According to the developers, the future tenants will enjoy urban living and easy commutes by using the Vizcaya Metrorail Station. Especially since the CoralGrove Brickell apartment is just a five-minute walk to the station. The building’s designs are expected to attain LEED certification standards.
Empira’s Head of Investments, Rafael Aregger said CoralGrove was well positioned to receive people in need of a central location. He also said the property was situated near Miami’s largest employment centers, including downtown Miami, and Grove and Coral Gables. Therefore, the new project will assist the city by providing housing for future population growth. Especially since it’s currently benefiting from an influx of in-migration from other states and all over the
