MG Developer has added the final piece to the puzzle at its Miami development site, allowing it to move forward on a two-tower multi-family project.
The Coral Gables-based company 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, led by Armando Rouco, for $16 million, according to the folders. The property sits on the border between Coconut Grove and Coral Gables.
The deal completes MG and Baron’s assembly for their project, called Merrick Parc, giving the duo a total of 2 acres for the planned development for 450 units, parking and 18,000 square feet of retail space. Behar Font & Partners is the architect.
The recently purchased properties are located immediately south of the other portion of the development site at 3898 Shipping Avenue. A subsidiary of MG bought this property for $19.5 million in May.
The properties along Shipping Avenue and Southwest 39th Avenue consist of buildings for automotive and marine use, and the one along Southwest 38th Court is a parking lot.
Merrick Parc’s $204 million venture has already secured $24 million in funding, including $13 million in equity from New York-based firm S3 Capital, according to a May press 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 bet big on the area as it has completed several projects and has more in the pipeline near Coral Gables. He holds plans for the village of 48 Gables residences on the northwest corner of LeJeune Road and University Drive.
The company also completed the Althea Row townhouse community at 735 Almeria Avenue in 2021 and is nearing completion of its Biltmore Square community, which includes the Biltmore Row townhouses at 2605 Anderson Road, according to its website and the communicated.
The grove and gables have caught the attention of developers, with several projects underway. AvalonBay Communities and Mast Capital are constructing a 20-story, 254-unit apartment building with ground-level townhouses across from Merrick Park.
Additionally, Rishi Kapoor’s Location Ventures is planning a 20-story condominium with 87 units at 1505 Ponce De Leon Boulevard in Gables.
The region also recorded one of the largest trade investment deals this year. In August, Hines, on behalf of the Hines Global Income Trust, paid $430 million for the Gables Station multifamily development with retail and coworking space at 237 South Dixie Highway.