MG Developer buys Miami-Dade development site

By Brian Bandell for South Florida Business Journal

MG Developer acquired a property in the Princeton area of Miami-Dade County, where it aims to build an apartment project.

Forkland LLC, managed by Trifily A. Forkin, sold the 2.06-acre property at 13480 and 13400 S.W. 248th St. to Coral Gables-based MG Developer Miami LLC, led by CEO Alirio Torrealba, for $5.3 million. The buyer then flipped the site for $7 million to Coral Key Parc, also managed by Torrealba. The property secured a $3.5 million loan from Naso CRE Bridge Loan Fund.

Property data firm Vizzda confirmed the parties in the deal.

The site previously housed an automotive dealership. It last traded for $1.25 million in 2017, so it had a big gain in value.

MG Developer first filed an application for the site with Miami-Dade in 2023. Its most recent plans in county records call for a 12-story building with 279 apartments, 8,467 square feet of retail and 329 parking spaces. There would be a clubroom, fitness center and pool.

Miami-based Modis Architects designed the project.

According to an affiliate of MG Developer, it aims to complete the apartment project in 2028.

MG Developer started by building luxury housing in Coral Gables and then began constructing market-rate apartments in Hialeah. This would be its first project in southern Miami-Dade.

External Source: MG Develoepr buys Coral Key Parc apartment development site in Princeton Miami-Dade County – South Florida Business Journal