The Calta Group, a real estate design, develop, acquisition and construction company led by brothers Ignazio and Gaetano Caltagirone, along with Igor Blatnik, announced today that is has acquired a Coral Gables multifamily development consisting of 32 rental apartments located at 915 Palermo Avenue for $12 million.

The approximately one acre property is located in close proximity to the iconic Venetian Pool and the historic Biltmore Hotel, two of the most distinguished landmarks in the city.

With its prime location, The Calta Group plans to redevelop the site with a luxury boutique residential offering that will enhance the surrounding Coral Gables neighborhood.

“We continue to pay close attention to the Coral Gables market for opportunities that create value-added potential for our expanding portfolio. With this acquisition, we are excited to create a development that will set a new standard for luxury living in the area,” said Gaetano Caltagirone, President of The Calta Group. “We look forward to sharing more information about our plans for this property in the near future.”

Setting a high watermark for beauty, quality and sustainability in key markets throughout South Florida, The Calta Group is a fully integrated company led by brothers Ignazio and Gaetano Caltagirone, along with Igor Blatnik, which prides itself on its Italian heritage, hailing from one of Italy’s most prominent real estate dynasties, where they completed more than $1.5 billion in transactions. Artful attention to detail, commitment to high quality construction, exceeding customer expectations, and homes delivered on time and within budget, are hallmarks of the company, which was founded in 2010.

Today, The Calta Group enjoys a status among the upper echelon of leading developers, with more than $250 million in their development project pipeline spread across South Florida’s most prestigious markets. The Calta Group’s projects are diversified between ultra-luxury single-family residential and Class A multifamily properties catering to a diverse mix of domestic New York buyers, locals, and international buyers seeking a bespoke, custom home, in prime or semi-prime locations.

The Calta Group is currently building 13 single-family homes in prestigious neighborhoods including Coral Gables, Coconut Grove, Pinecrest, Brickell and the Ponce Davis area. Additionally, the firm is developing Revv, an eight-story, 180-unit apartment project in Hollywood, FL.