A new $204 million development will soon rise near Coral Gables.
Merrick Parc, a 43,785-square-foot site, will be a two-tower, 450-unit luxury mixed-use multifamily development featuring retail space for dining and shopping venues.
The development comes in response to critical demand for luxury rental units in Miami, according to Alirio Torrealba, CEO and founder of MG Developer.
“We want to ensure we fulfill that need while growing our real estate portfolio, particularly our rental division,” said Torrealba in a press 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.”
It’s the second multifamily development in Miami for MG Developer, which partnered with New York-based The Baron Property Group to develop Merrick Parc and Colliers International to finance the initial $24 million with $13 million in equity financing. MG Developer also has a 560-unit multifamily rental community in Hialeah, which opened last year.
The initial land acquisition debt financing was provided by New York-based firm S3 Capital. Colliers’ executive director Dmitry Levkov said MG Developer is the most well-known and regarded condo and townhome developer in Coral Gables.
“We paired them with Baron Property Group, who brings significant high-rise development experience, as well as multifamily asset class experience,” said Levkov in a press release.
The project, which is located at 3191 SW 39th Ave., will include studio studios, one- and two-bedroom apartments with parking and minutes away from the MetroRail which connects to the Tri-Rail 4 miles away and less than 10 miles from Miami International Airport, Brickell, and Wynwood.
Construction is expected to begin in the first quarter of next year. MG Developer is also planning to build Gables Village, a 48-residence community in Coral Gables.