MG Developer’s Alirio Torrealba with 3191 Southwest 39th Avenue and 3160 Southwest 38th Court (LinkedIn, Google Maps)
MG Developer additional the remaining piece to its Miami advancement web site puzzle, allowing for it to shift ahead on a two-tower multifamily job.
The Coral Gables-based mostly organization and its husband or wife, New York-centered Baron Residence Group, purchased an acre at 3191 Southwest 39th Avenue and 3160 Southwest 38th Courtroom from AMR Expenditure, which is led by Armando Rouco, for $16 million, according to data. The assets sits on the border in between Coconut Grove and Coral Gables.
The deal completes MG and Baron’s assemblage for their job, known as Merrick Parc, supplying the duo a full of 2 acres for the improvement that’s slated for 450 models, parking and 18,000 sq. toes of retail. Behar Font & Associates is the architect.
The just lately-obtained attributes are instantly south of the other part of the growth web-site, at 3898 Shipping Avenue. An MG affiliate bought that home for $19.5 million in May well.
The houses together Shipping Avenue and Southwest 39th Avenue consist of automotive and marine-use buildings, and the 1 together Southwest 38th Court docket is a parking lot.
The $204 million Merrick Parc enterprise has by now secured $24 million in financing, which includes $13 million in equity from New York-dependent S3 Cash, according to a Could information launch from MG. Jeffrey Donnelly and Dmitry Levkov led the Colliers team that worked with the builders on the $24 million money raise.
MG, led by Alirio Torrealba, has been betting huge on the place, as it accomplished various jobs and has more in the pipeline in close by Coral Gables. It holds ideas for the 48-residence Gables Village on the northwest corner of LeJeune Highway and University Drive.
The organization also finished the Althea Row townhouse community at 735 Almeria Avenue in 2021, and is near to finishing its Biltmore Sq. group, which features the Biltmore Row townhouses at 2605 Anderson Street, according to its web-site and the release.
Both equally the Grove and the Gables have caught developers’ eyes, with a number of assignments in the pipeline. AvalonBay Communities and Mast Money are creating a 20-story, 254-unit apartment building with floor-ground townhouses throughout the road from Merrick Parc.
Also, Rishi Kapoor’s Area Ventures plans a 20-story condominium with 87 units at 1505 Ponce De Leon Boulevard in the Gables.
The location also has scored 1 of this year’s greatest professional financial investment offers. In August, Hines, on behalf of the Hines International Earnings Rely on, compensated $430 million for the Gables Station multifamily development with retail and co-doing work area at 237 South Dixie Highway.
