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MG completes Miami apartments dev site assemblage
Project plans call for a pair of towers with 450 units combined
MG Developer added the final piece to its Miami development site puzzle, allowing it to move forward on a two-tower multifamily project.
The Coral Gables-based firm and its partner, New York-based Baron Property Group, bought an acre at 3191 Southwest 39th Avenue and 3160 Southwest 38th Court from AMR Investment, which is led by Armando Rouco, for $16 million, according to records. The property sits on the border between Coconut Grove and Coral Gables.
The deal completes MG and Baron’s assemblage for their project, called Merrick Parc, giving the duo a total of 2 acres for the development that’s slated for 450 units, parking and 18,000 square feet of retail. Behar Font & Partners is the architect.
The recently-purchased properties are immediately south of the other portion of the development site, at 3898 Shipping Avenue. An MG affiliate bought that property for $19.5 million in May.
The properties along Shipping Avenue and Southwest 39th Avenue consist of automotive and marine-use buildings, and the one along Southwest 38th Court is a parking lot.
The $204 million Merrick Parc venture has already secured $24 million in financing, including $13 million in equity from New York-based S3 Capital, according to a May news release from MG. Jeffrey Donnelly and Dmitry Levkov led the Colliers team that worked with the developers on the $24 million capital raise.
MG, led by Alirio Torrealba, has been betting big on the area, as it completed several projects and has more in the pipeline in nearby Coral Gables. It holds plans for the 48-residence Gables Village on the northwest corner of LeJeune Road and University Drive.
The firm also completed the Althea Row townhouse community at 735 Almeria Avenue in 2021, and is close to finishing its Biltmore Square community, which includes the Biltmore Row townhouses at 2605 Anderson Road, according to its website and the release.
Both the Grove and the Gables have caught developers’ eyes, with several projects in the pipeline. AvalonBay Communities and Mast Capital are building a 20-story, 254-unit apartment building with ground-floor townhouses across the street from Merrick Parc.
Also, Rishi Kapoor’s Location Ventures plans a 20-story condominium with 87 units at 1505 Ponce De Leon Boulevard in the Gables.
The area also has scored one of this year’s biggest commercial investment deals. In August, Hines, on behalf of the Hines Global Income Trust, paid $430 million for the Gables Station multifamily development with retail and co-working space at 237 South Dixie Highway.