MG Developer and Vertical Developments are launching sales for their planned Coral Gables project, Alhambra Parc.
The 78-unit condominium is planned for 33 Alhambra Circle, according to a press release. MG Developer, led by Alirio Torrealba, landed a $14.5 million preconstruction loan for the project in October. Torrealba partnered with co-developer Vertical Developments for the project and tapped One Sotheby’s International Realty to lead marketing and sales, the release shows.
One-, two-, and three-bedroom condos will span 860 square feet to 2,800 square feet. Amenities will include two rooftop decks, a pool, spa, children’s playroom, coworking space and a resident’s lounge, the release shows. The building will also have 13,000 square feet of office space and 18,000 square feet of retail.
Coral Gables-based Bellin & Pratt Architects is designing Alhambra Parc, and pricing starts at $1.1 million, according to the release.
Records show Torrealba’s MG bought the 1.1-acre site for $19.2 million in 2022. Torrealba launched another Coral Gables project in September, the 13-unit townhouse project, the George.
Outside of Coral Gables, MG is planning a 340-foot, 147-unit waterfront luxury tower in North Bay Village. MG partnered with Prosper Group to buy the site for $30.9 million in October.
Developers planning other condo projects in Coral Gables, include Allen Morris Company’s planned 11-story, 58-unit Ponce Park and Alta Developers’ planned 12-story, 174-unit Cassia.
