MG Developer, a residential developer with headquarters in Coral Gables, and currently the most active developer in Hialeah, announces it has secured a $16 million acquisition loan for land in Hialeah to build Metro Parc South.
Metro Parc South will complement Metro Parc, a 10-story, 559-unit, two-tower mixed-use apartment rental community located at 955 East 25th Street and 980 East 26th Street, as well as Metro Parc North, a 620-unit multifamily building located in the block directly to the north of Metro Parc. And complete the final phase of Metro Center, a landmark development that will comprise nearly 2.3 million square feet of upscale apartments, and retail space between Metro Parc, Metro Parc North, and Metro Parc South, all located in the heart of Hialeah and that will revolutionize urban living in the city.
“The acquisition of Metro Parc South is a strategic move for MG Developer, which allows us to expand our footprint in the region while contributing to the growth of a vibrant and sustainable transit-oriented neighborhoods,” said Alirio Torrealba, CEO and Founder of MG Developer.
MG Developer’s commitment to collaboration with the City of Hialeah is evident through the development of Metro Parc, Metro Parc North, and now Metro Parc South. The entire Metro Center complex, designed to be Hialeah’s modern living lifestyle epicenter, is expected to be completed in 2027. It will feature more than 35,000 square feet of ground floor commercial space, ideal for restaurants, cafes, boutique shops, health & fitness outlets, and specialty markets.
A short distance from Metro Center is also MG’s Metro Station, a 55-unit building, that is another transit-oriented multifamily community located at 2691 East 11th Avenue.
MG Developer looks forward to the opportunities these acquisitions present for both the company and the local community. The company remains dedicated to delivering high-quality, sustainable, and community-oriented real estate projects.
Under the leadership of Alirio Torrealba, MG Developer is a residential property development company based in Coral Gables, Florida, offering a wide range of real estate services, including concept creation, property site selection, and project advancement. Torrealba has already completed 11 developments and has nearly $1.5 billion in developments in planning throughout South Florida, establishing MG as one of the most active developers in Florida today.
Recently, the developer also announced the acquisition of land in Coral Gables for The George, comprising13 ultra-luxury townhomes, which are named after George Merrick, the visionary real estate developer that founded Coral Gables in 1924. Anticipated to break ground in the third quarter of 2024, this townhome collection is set to become a landmark development in Coral Gables and will complete MG’s master planned community, Biltmore Square.
