MG Developer JV Unveils Coconut Grove Luxury Rental Project
MG Developer is partnering with a New York-based real estate investment firm to build a $204 million luxury apartment project near Coconut Grove and Coral Gables.
Coral Gables-based MG and its partner, Baron Property Group, plan to build two towers with 450 apartments with parking, plus shops and restaurants on a 43,785-square-foot redevelopment site at 3898 Shipping Avenue, according to a Press release. The commercial component will be approximately 18,000 square feet.
A subsidiary of MG recently closed on the property, paying $19.5 million. MG and Baron worked with a Colliers team led by Jeffrey Donnelly and Dmitry Levkov to raise $24 million for the project which includes $13 million in equity financing from New York-based S3 Capital, the statement said.
In an email response, MG CEO Alirio Torrealba said Baron Property Group is exploring opportunities in South Florida. “When we met we had great synergy,” said Torrealba. “We felt that this project was the right solution for us to work together.”
Baron has 20 years of experience developing high-rise multi-family projects and hotel properties in New York and California, the statement said.
The Shipping Avenue property, on the border between Coconut Grove and Coral Gables, currently houses a small commercial building leased to an automobile dealership. The project site is also close to the shops of Merrick Park.
The joint venture recently submitted plans to the City of Miami, and the partnership plans to break ground on Merrick Parc in the third quarter of 2023, Torrealba said. The plan would replace a city-approved proposal by the previous owner to build a pair of 20-story buildings with 268 apartments, 29,000 square feet of office space, 6,342 square feet of ground-floor retail and a car park with 288 spaces. This project was called Merrick Towers.
Designed by Coral Gables-based architectural firm Behar Font & Partners, Merrick Parc joins a slate of mixed-use projects along and near US 1 between Coral Gables and Coconut Grove.
Across from Merrick Park, Coconut Grove-based AvalonBay Communities and Mast Capital are developing a 20-story building with 254 apartments, a handful of two-story townhouses on the ground floor, 825 square feet of retail space / retail, a 319 -space parking lot, and over 10,000 square feet of amenities.
13th Floor Investments and Adler Group are building The Link at Douglas, a 7-acre mixed-use project next to the Miami-Dade County Douglas Road Metrorail station at 3100 Douglas Road.
And last year, Life Time and developer Nolan Reynolds International completed Life Time Coral Gables, a $500 million project at 237 South Dixie Highway featuring 495 luxury apartments, an 80,000-square-foot sports complex, space 25,000 square foot coworking space and retail space on the ground floor.