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MG Developer scores approval for Hialeah apartment complex
Alirio Torrealba’s firm is proposing two 10-story buildings with 55 units
Hialeah is getting another apartment project near a major public transit facility.
This month, the Hialeah city council approved on second reading the rezoning of a 0.2-acre industrial and retail parcel at 2691 East 11th Avenue for multifamily use. The property owner, Miami-based MG Developer, is planning to replace a gas station and convenience store with Metro Station, a proposed two-building complex rising 10 stories, with 559 rental units, city records show.
MG is partnering with Coral Gables-based development firm FC&E to build Metro Station.
The development site is adjacent to the Tri-Rail/Metrorail Transfer Station at Northwest 79th Street and Northwest 32nd Avenue in unincorporated Miami-Dade County. An MG affiliate paid $1.6 million for the property last year, records show.
Also this month, Oakland Park-based Rental Asset Management paid $27.5 million for Station Lofts, a recently completed apartment complex adjacent to the Hialeah Metrorail Station at 125 East 21st Street in Hialeah.
MG, led by Alirio Torrealba, is on a run of apartment projects in Hialeah. The firm and its partner, Barron Property Group, are currently developing Metro Parc, another 10-story, two-building complex with 559 rental units at 955 East 25th Street and 980 East 26th Street. Last year, the joint venture scored a $148 million construction loan for Metro Parc.
MG is also planning to build a third Hialeah project, the 620-unit Metro Parc North, according to a press release.
Multifamily development is booming in Hialeah. In January, Miami Lakes-based Prestige Companies landed a $20.5 million loan for a project consisting of 100 rental townhouses and a three-story building with 12 apartments and 5,000 square feet of retail. The 5-acre development site is a former Salvation Army store at 7450 West Fourth Avenue that Prestige bought for $3 million in 2021.
Last year, investor Juan Carlos Gonzalez obtained a $67.1 million construction loan for the first phase of the proposed Emerald Bay Apartments at 4030 West 88th Street in Hialeah. The project entails seven buildings with 314 units.