MG Developer to launch $204 million two-tower development near Coral Gables

by Patrick Regan

MG Developer in Coral Gables announced plans Wednesday for a luxury residential, two-tower rental development in Miami.

The $204 million project, dubbed Merrick Parc, is near The Shops at Merrick Park and the University of Miami and will feature 450 studios and one- and two-bedroom apartments with parking, retail space and dining. 

Behar & Font will oversee the architecture at the property at 3191 SW 39 Ave., bordering Coral Gables.  

“We are seeing a critical demand for luxury rental units in Miami and we want to ensure we fulfill that need, while growing our real estate portfolio, particularly our rental division,” Alirio Torrealba, CEO and founder of MG Developer, said in a news release. “We’ve been ‘Building Beautiful’ in Coral Gables where we have a tremendous amount of experience working in the neighboring area, so we felt it was a natural next step in our evolution.”

MG Developer partnered with The Baron Property Group to develop Merrick Parc and Colliers International to finance the initial $24 million for the project, with $13 million in equity financing.

Baron Property Group, based in New York, has a 20-year track record of developing high-rise rental units and hotel properties in New York City and in California. 

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