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 to Meta, which is a joint venture between Miami’s Lucid Investment Group and Brazil’s Iron Capital. Andrew Rasken serves as CEO of Meta.
Demolition of the existing rental townhome complex at 3127 Southwest 27th Avenue is expected to begin soon, with project completion targeted for 2027. Records indicate that a Meta affiliate acquired the property for $6.7 million in 2023.
Opus is designed by Brazilian architect João Armentano from Kobi Karp Architecture & Interior Design, based in Miami. According to the press release, “Opus is 50 percent presold.” The six-story building will offer three- and four-bedroom units ranging from 1,900 to 2,600 square feet. Two penthouses are included among the units, with prices starting at $2.8 million.
Amenities for residents will include a pool, fitness center, private business suites, children’s center, and an autonomous parking system equipped 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 units at Bayshore Park condominium at 2545 South Bayshore Drive for at least $20 million. The partnership intends to terminate the condo association and redevelop the site into a new luxury condominium building located near Monty’s Coconut Grove restaurant and marina.
Additionally, in May Canero Group purchased all units at Chateau Grove condominium on Virginia Street for $17.3 million. The company plans to rent out these units initially but may consider redevelopment in collaboration with Maria Bustamante and Juan Puig.
