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MG Developer proposes 258-unit multifamily project in Princeton
Firm has 2-acre site under contract for $5M
MG Developer’s Alirio Torrealba along with a rendering of the proposed 258-unit multifamily building in Princeton (Getty, Modis Architects, MG Developer)
MG Developer proposes a 258-unit multifamily building in Princeton, marking the firm’s first bet on south Miami-Dade County.
MG has the 2-acre development site at 13480 Southwest 248 Street in unincorporated Miami-Dade under contract for $5 million, the development firms’ CEO Alirio Torrealba said. Coral Gables-based MG wants to build an 11-story building with 8,300 square feet of ground-floor retail, according to Torrealba and an application MG filed to Miami-Dade last month. Designed by Modis Architects, the project is called Coral Key.
MG is asking the county for an administrative site plan approval.
Records show an entity managed by Trifily Forkin and Consuelo Nieto de Forkin owns the development site. Part of the land is now used as an auto dealership.
Construction of Coral Key is expected to start in October, and completion is slated for 2027, Torrealba said in a statement.
MG has been ramping up its development endeavors. Also last month, MG and Baron Property Group filed an application for an 806-unit apartment project with two 31-story towers on a full city block between Shipping Avenue and Orange Street, and between Southwest 38th Court and 39th Avenue near Miami’s Coconut Grove neighborhood. The development, which would be near the Douglas Road Metrorail Station, would have 17,000 square feet of ground-floor commercial space, an 865-space garage and over 60,000 square feet of open space.
In Coral Gables, MG is developing a 48-unit complex with townhomes, villas, condos and lofts at 535 Santander Avenue.
The firm also has bet on the Hialeah residential market with a three-phase project consisting of the 559-unit Metro Parc, 620-unit Metro Parc North, and 347-unit Metro Parc South. The buildings, all of which will be 10 stories, are under construction along East 24th, 25th and 26th streets, near Ninth Avenue.
MG joins a growing cohort of developers seizing on south Miami-Dade’s ample land supply with plans for residential projects. Also in Princeton, Pinnacle is building a 215-unit garden-style affordable rental complex at 25155 Southwest 136th Avenue.
Homebuilder Lennar last fall filed an application for a two-story, 114-condo complex at 12420 and 12400 Southwest 248th Street in Princeton.