Meta Development scored a $28M construction loan to build Opus, a planned 12-unit boutique condominium in Coconut Grove.
Los Angeles-based Arixa Capital provided the financing to Miami-based Meta, a joint venture between Lucid Investment Group, also based in Miami, and Brazil’s Iron Capital, a press release states. Meta is led by CEO Andrew Rasken.
The firm plans to soon begin demolition of a former rental townhome complex at 3127 Southwest 27th Avenue, and expects to complete Opus in 2027, the release states. A Meta affiliate bought the property for $6.7 million in 2023, records show.
Designed by Brazilian architect João Armentano of Miami-based Kobi Karp Architecture & Interior Design, Opus is 50 percent presold, the release states. The six-story project will feature three- and four-bedroom units ranging from 1,900 square feet to 2,600 square feet. Two of the units are penthouses. Prices start at $2.8 million, the release states.
In addition to traditional amenities such as a pool and fitness center, Opus will have private business suites, a children’s center and an autonomous parking system with charging bays for electric cars.
Coconut Grove is seeing an uptick in buyer interest for older condo buildings for possible redevelopment. In June, Miami-based Mast Capital and Aventura-based BH Group bought out more than 75 percent of units in Bayshore Park, a 39-unit condominium at 2545 South Bayshore Drive. The joint venture paid at least $20 million for the units and plans to terminate the condo association and redevelop the site into a new luxury condo building.
Mast and BH have not disclosed more details, but the site is in a prime spot, adjacent to the waterfront Monty’s Coconut Grove restaurant and the marina.
In May, Coral Gables-based Canero Group dropped $17.3 million to purchase all the units at Chateau Grove, a 25-unit condominium at 3265 Virginia Street. The firm plans to rent out the units to generate immediate cash flow, but Canero is considering possibly redeveloping the site with partners Maria Bustamante and Juan Puig.
