Meta Development has secured a $28 million construction loan to build Opus, a planned 12-unit boutique condominium in Coconut Grove. The financing was provided by Los Angeles-based Arixa Capital. Meta Development is a Miami-based joint venture between Lucid Investment Group and Brazil’s Iron Capital, led by CEO Andrew Rasken.
The project will be built at 3127 Southwest 27th Avenue, where demolition of an existing rental townhome complex is expected to begin soon. Completion of Opus is targeted for 2027. Records show that a Meta affiliate purchased the property for $6.7 million in 2023.
Opus is designed by Brazilian architect João Armentano of Kobi Karp Architecture & Interior Design, which operates out of Miami. According to the release, half of the units have already been presold. The six-story building will offer three- and four-bedroom units ranging from 1,900 to 2,600 square feet, including two penthouses. Prices start at $2.8 million.
Amenities at Opus 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 seen increased interest from buyers targeting older condo buildings for redevelopment opportunities. In June, Mast Capital and BH Group acquired more than 75 percent of the units in Bayshore Park at 2545 South Bayshore Drive for at least $20 million and plan to redevelop the site into a new luxury condominium building (https://therealdeal.com/miami/2024/06/10/mast-bh-buy-out-coconut-grove-condo-for-redevelopment/). The location is next to Monty’s Coconut Grove restaurant and the marina.
In May, Canero Group bought all units at Chateau Grove on Virginia Street for $17.3 million and plans to rent them out initially while considering future redevelopment with partners Maria Bustamante and Juan Puig (https://therealdeal.com/miami/2024/05/29/canero-group-pays-17m-for-coconut-grove-condo-eyes-redevelopment/).
