Developer buys out 20 homes, secures $18 million loan to move forward major Hialeah project
By Brian Bandell for South Florida Business Journal
MG Developer and Baron Property Group acquired 20 single-family homes in Hialeah and secured a land loan to move forward with a major redevelopment.
Coral Gables-based MG Developer and New York-based Baron Property Group paid a combined $22.7 million to the individual owners of the homes at 901 to 983 East 26th Street and 906 to 990 East 27th Street over the past year, with the last deed closing in early September. The 3.84-acre site is a block west of the Hialeah Tri-Rail/Metrorail Transfer Station.
RMWC provided an $18 million land loan to the buyers. The financing was arranged by Ayush Kapahi of HK and Jeffrey Donnelly and Dmitry Levkov of Colliers International.
As previously reported, the developers plan to redevelop the site with Metro Parc North. It was approved for 663 apartments in eight stories. They expect to complete it in 2026.
“We are extremely proud to work collaboratively with the city of Hialeah and continue bringing projects to life in Hialeah that further our vision of a modern and transient lifestyle in this city,” stated Alirio Torrealba, CEO and founder of MG Developer.
This is one of three big projects in Hialeah by MG Developer, which has nearly 1,600 units planned in the city. Its 560-unit Metro Parc project broke ground in 2022. It has also proposed Metro Parc South with 347 units and completion expected in 2027.
There’s been a boom in apartment development in Hialeah as renters seek less expensive places to live in close proximity to public transit stations.