OPUS Coconut Grove Breaks Ground: 14 Condos From $2.8M
The six-story boutique building is more than half sold, financed with a $28 million Arixa Capital loan and slated for 2027. Coconut Grove condo sales and Glasshaus next door put its pricing in context.
OPUS Coconut Grove, a six-story building with 14 condo residences on SW 27th Avenue, is under construction. META Development closed a $28 million construction loan from Arixa Capital, demolished the old building on the site and broke ground in spring 2026. Delivery is planned for 2027, according to Florida YIMBY and Commercial Observer. Both outlets report that more than half of the residences are already sold.
The building
Opus Coconut Grove is a small project by Miami standards:
- 14 residences: 12 standard homes and two penthouses, all three or four bedrooms, from about 1,900 square feet.
- Prices: reported from about $2.8 million to $3 million.
- Design: architecture by Kobi Karp, interiors by João Armentano.
- Amenities: a rooftop pool, a 4,300-square-foot sundeck, a gym and a spa with sauna and steam rooms.
- Parking: an automated parking system by Klaus, with up to three spaces per residence.
It is META Development's first Miami project to start construction. Sources differ on the street number: Florida YIMBY and the sales materials use 3137 SW 27th Avenue, Commercial Observer used 3127, which is the address in our building records.
A buyout made room for it
The site held an older condo building dating to 1982, which the developer bought out before demolition, Commercial Observer reported. It is not the only one in Coconut Grove. Recorded deeds show 33 units of Mutiny Park, a 2001 building on McFarlane Road, transferring in a buyout between June 2024 and June 2025, for about $33.2 million in total. For owners of older Grove condos, a developer buyout is now one realistic exit, alongside paying for repairs and reserves.
How the pricing compares
At about 1,900 square feet and $2.8 million, the entry price works out to roughly $1,470 per square foot. The one OPUS listing we saw on the MLS in June 2026 asked $2.6 million, or $1,333 per square foot.
Coconut Grove as a whole sold 236 condos in the 12 months to October 13, 2026, at a median of $865 per square foot. With 176 active listings, that is about 9 months of supply, and our Market Index reads 40, a balanced market. The closest finished comparison is Glasshaus, a 23-unit boutique building from 2021 across SW 27th Avenue. Its one sale in the past year closed at $986 per square foot.
What it means for buyers
A new-construction premium. OPUS is priced well above what finished Grove condos sell for. That premium buys a new building with no recertification or reserve backlog, but it will not show up in resale value right away.
Dues will be high. Small buildings with full amenities spread costs over few owners. The median Coconut Grove condo pays $2,381 a month in HOA dues. Ask for the developer's proposed budget and the reserve schedule before signing.
A deposit, not a key. Buyers sign contracts now for a 2027 delivery. Read the deposit escrow terms and the outside completion date in the contract.
Frequently asked questions
When will OPUS Coconut Grove be completed?+
Florida YIMBY and Commercial Observer both report a 2027 completion. META Development broke ground in spring 2026 after closing a $28 million construction loan from Arixa Capital.
How many residences does OPUS Coconut Grove have?+
14: twelve residences and two penthouses, in three- and four-bedroom layouts starting at about 1,900 square feet, in a six-story building on SW 27th Avenue.
Sources
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