Renderings of Gables Village with MG Developer’s Alirio Torrealba (MG Developer)

MG Developer moves forward with Village at Coral Gables project

Coral Gables commission to vote on final plat approval next week

By Katherine Kallergis

Alirio Torrealba’s MG Developer is moving forward with plans for the Village at Coral Gables residential complex.

The Coral Gables City Commission will vote on Tuesday on the final plat approval for MG Developer’s project at 535 Santander Avenue. It’s one of a handful of developments Torrealba’s Coral Gables-based firm has in the city. It covers the block bounded by Malaga Avenue to the north, Hernando Street to the east, Santander Avenue to the south and Segovia Street to the west

Renderings of Gables Village
Renderings of the Village at Coral Gables (MG Developer)
The Village at Coral Gables, previously called Gables Village, would consist of 48 residential units, including four duplex units, 16 townhouses, four lofts and 24 condos on the entire 2.6-acre block. The units will range from 1,750 square feet to 3,100 square feet. One Sotheby’s International Realty is leading sales and marketing, according to a brochure.

The development will also include a nearly 4,000-square-foot wellness clubhouse with a plunge pool, fitness wing, library, lounge and conference center, according to a press release.

The buildings would be two to four stories tall, and the developer is taking advantage of a density bonus of an additional two units per acre by incorporating Mediterranean design. De La Guardia Victoria Architects & Urbanists is designing the project, which will include fountains and gardens.

The developer paid $15.9 million million to assemble the block, according to deeds recorded in April 2022. KHRE SMA Funding, tied to Greenwich, Connecticut-based Knighthead Funding, provided an $11 million loan for the assemblage, records show.

If the commission OKs the final plat, the developer would then seek Miami-Dade County’s final blessing. The county recommended approval in December, after a series of approvals from the city of Coral Gables, filings show. Construction is expected to begin in May, with the first units being completed at the beginning of 2025, according to a spokesperson for the developer.

MG’s completed townhouse and condo projects in Coral Gables include Althea Row, Biltmore Row, Biltmore Parc and Beatrice Row.

In September, MG Developer and Baron Property Group secured a $148 million construction loan for a nearly 560-unit planned apartment complex in Hialeah. The planned 10-story, two-building project will mark the tallest residential development in Hialeah.

That same month, MG and Baron finished assembling land near Coconut Grove and Coral Gables for a two-tower, nearly 472-unit apartment project south of Bird Road, called Merrick Parc.

Late last year, developer Rishi Kapoor closed on a $35.6 million site in Coral Gables, after securing city approval to build a 16-story mixed-use condominium project on the southeast corner of Ponce De Leon Boulevard and Menores Avenue.

Source: therealdeal

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