Developers buy Hialeah site as part of $600 million multifamily project

By Brian Bandell for South Florida Business Journal

MG Developer acquired a redevelopment site in Hialeah for a combined $16.27 million with a trio of deals.

The transaction set up the third phase of their $600 million Metro Parc Hialeah multifamily project on 1.8 acres.

In the biggest deal, Saber South Hialeah LLC, managed by Michael Klinger in Miami, sold 1.27 acres at 934 and 954 E. 25th St. plus 975 E. 24th St. including a retail center and a house for $10.5 million, to Metro Parc Hialeah III, an affiliate of Coral Gables-based MG Developer.

In addition, Saber South Hialeah II, also managed by Klinger, sold the 7,740-square-foot site at 965 E. 24th Street for $2.24 million. It has one house.

Finally, Elizabeth Delgado sold the 15,480-square-foot site at 997, 991, and 981 E. 24th St. for $3.53 million. It has three homes.

LV Metro Parc III, an affiliate of Miami-based LV Lending, provided an $11 million mortgage to the buyer.

MG Developer announced plans for the third phase of Metro Parc Hialeah in June. It’s slated for 347 apartments in 10 stories, plus ground-floor retail space.

The developer said it plans to break ground on the project, called Metro Parc South, in the third quarter of this year. It should take about two years to build.

“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,” stated CEO Alirio Torrealba.

As for the first phase, the 559-unit Metro Parc broke ground at 955 East 25th Street in 2022. They acquired the site for Metro Parc II at 901 East 26th Street in October.

Meanwhile, MG Developer won approval for the 55-unit Metro Station in Hialeah in April.

Many developers have focused on the apartment market in Hialeah as the city rezoned the area around its Metrorail and Tri-Rail stations to encourage residential development.

External Source: https://www.bizjournals.com/southflorida/news/2024/01/23/mg-developer-buys-hialeah-site-for-16-million.html