Swiss Developer Lands $32M to Build Multifamily Project Near Miami’s Brickell

Empira Group nabbed a $32 million construction loan for a multifamily development just south of Miami’s hot Brickell district, the Switzerland-based developer announced.

The debt from Spain’s Abanca covers Enso, an 85-unit development at 3025 Southwest Third Avenue, near the Rickenbacker Causeway, in the Roads neighborhood. The eight-story project will feature 850 square feet of ground-floor retail space as well as a rooftop pool for residents. 

Construction is scheduled to begin next month, with delivery anticipated in 2027. Newmark (NMRK)’s Daniel Matz brokered the debt. Empira Group purchased the half-acre site for $9 million in 2022, according to property records. 

Since the pandemic, when a slew of wealthy Northerners moved south and new-to-market companies opened offices, the Brickell area has become a hotbed of luxury condo developments, but construction of multifamily products has lagged. 

“The project exemplifies Empira’s strategy to develop unique multifamily assets in strong demand submarkets with high barriers to entry,” Rafael Aregger, the head of U.S. Investments at Empira Group, said in a statement. 

Enso marks the second Miami project for the Swiss developer, which claims to have $10 billion in assets under management. Two years ago, it paid $21.5 million for another 1-acre site in Brickell, where it plans to build a 26-story, 310-unit multifamily tower.

Julia Echikson can be reached at jechikson@commercialobserver.com.