One Sotheby’s takes over remaining sales of Coral Gables boutique projects from Fortune Realty

FIR has handled sales for MG Developer since at least 2016

Jun.June 10, 2019 06:00 PM
Alirio Torrealba and Daniel de la Vega with Biltmore Square

Alirio Torrealba and Daniel de la Vega with Biltmore Square

MG Developer hired One Sotheby’s International Realty to take over sales of its Coral Gables boutique projects from Fortune International Realty.

The Coral Gables development firm, led by Alirio Torrealba, tapped One Sotheby’s for the remaining 34 units at MG Developer’s projects. Fortune International Realty handled sales for the firm since at least 2016.

The projects One Sotheby’s is taking over include Biltmore Square’s Biltmore Parc and Beatrice Row, completed in 2017 and 2018, respectively; and Biltmore Square’s Althea Row and Biltmore Row, both set to break ground soon. Biltmore Parc, at 718 Valencia Avenue, has 32 condo units. Beatrice Row will be a group of nine, three-story townhomes at 744 Biltmore Way. Althea Row will have five townhouses and Biltmore Row will have 10 townhomes.

In Coral Gables, MG Developer also has 3400 Ponce and Villa Blanca – each with four units.

In all, there are 11 condos left at Biltmore Parc, one at Beatrice Row, four at Villa Blanca, three at 3400 Ponce and all 10 at Biltmore Row and all five at Althea Row, according to a spokesperson. That adds up to the 34 units One Sotheby’s will take over.

The remaining condo units and townhouses range in price from $1.98 million to $3.2 million, said Daniel de la Vega, president of One Sotheby’s.

“We had quite a few sales [at MG Developer projects] from affiliates of ours primarily in the Northeast,” he said. “In Coral Gables, we’re seeing a big resurgence in new developments that are offering a really urban lifestyle. It’s an opportunity to live, work and play, all in the same city.”

Fortune, led by Walter Defortuna, declined to comment through a spokesperson.

De la Vega said the projects are also in better locations than other Coral Gables developments. “Everything south of Bird Road is kind of dead,” he said, adding that “no one really wants to be” in the Merrick Park area.

Last year, in an attempt to sell more units, the developer and Fortune International Realty offered buyers the option to move into their units with only 10 percent down, paying the remaining 90 percent at the end of the first year, for some of MG Developers projects in Coral Gables.

At this stage in the condo market cycle, it’s not unusual for developers to offer incentives or hire new brokerages to handle sales of their projects. In March, The Agency took over sales of Merrick Manor, a 10-story, 227-unit condo building that was recently completed at 301 Altara Avenue in Coral Gables. One Sotheby’s was the previous broker of record for Merrick Manor.

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