Arilio Torrealba’s MG Developer wants to build apartments around its hotel near the Miami International Airport just as South Florida’s multifamily sector is cooling off.
Coral Gables-based MG plans to turn the 3.8-acre site of the Regency Miami Airport by Sonesta, at 1000 Northwest 42nd Avenue, into a mixed-use development. Miami’s Urban Development Review Board is expected to vote on the plans Wednesday.
The firm is seeking approval for five- and six-story apartment buildings adjacent to the 176-room hotel, a site plan filed with the city of Miami shows.
Designed by Coral Gables-based Behar Font & Partners, Regency Parc & Residences would include 208 apartments and a 384-space parking garage. MG Developer paid $36 million in 2024 for the five-story hotel, which was completed in 1982.
MG Developer secured a $23 million refinancing last month from New York–based Interaudi Bank, a move that gives the firm funds for a hotel renovation and financial flexibility to start construction on the site’s vacant portions, according to a news release.
Apartments would range from 465-square-foot studios to 890-square-foot two-bedroom units, the site plan shows. One of the planned buildings would also have 2,800 square feet of commercial space.
Torrealba’s firm, best known for its luxury residential projects in Coral Gables, is diversifying its portfolio with multifamily developments in Hialeah near public transit terminals and a planned 30-story condominium in North Bay Village with its partner Miami Beach-based Prosper.
The company’s Regency Parc & Residences plan comes as South Florida’s rental market cools from pandemic-era highs. The region’s median asking rent dipped 3.4 percent in December to $2,262, according to Realtor.com, following a surge in completions and a slowdown in migration to South Florida.
MG’s project would join a wave of apartment construction near Miami International Airport and the city’s Blue Lagoon neighborhood, where developers such as Zom Living, Mill Creek Residential, and The Melo Group have delivered thousands of units in recent years.
The area’s proximity to employment centers and transit routes has kept it a focal point for mid-rise multifamily projects, even as leasing activity slows across the tri-county region.
