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MG Developer planning a second residential project next to the Biltmore Parc condo development, which it completed in 2017.
The Coral Gables-based developer paid $11.5 million for a development site across the street from the 32-unit, seven-story project, according to property records.
MG plans to break ground on a 13-unit luxury townhome development, called The George, in the third quarter of 2024, a spokesperson for MG told Commercial Observer. De La Guardia is the architect for the project that was named after George Merrick, a developer who shaped Coral Gables in the 1920s.
The newly acquired parcel spans 0.8 acres between 717 and 741 Valencia Avenue, housing one single-family home and three two-story apartment buildings. All properties were completed in the 1950s and late 1940s. An entity led by Robert Gutlohn provided a $10 million mortgage to MG.
The seller — Starlight Development Group, headed by Roberto Trapaga — assembled the four-lot parcel in 2015 and 2016, paying about $7 million in total.
The block is surrounded by other residential developments. TA Builders is constructing a 25-unit project called 701 Valencia, after securing an $18 million construction loan from Banesco USA in March.
MG, led by Alirio Torrealba, already has a development in Coral Gables. In July, it raised $68 million from Churchill Real Estate to build the 48-unit Village at Coral Gables condo development. In September, the firm also landed a $148 million construction loan for a 600-unit rental complex in Hialeah, a working-class town in Miami-Dade County.
A representative for Starlight did not immediately respond to a request for comment.
Update: The story was amended to include details about the upcoming development.
Julia Echikson can be reached at jechikson@commercialobserver.com.
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