MG Developer Miami to build $90M rental project in Hialeah
Posted in Luxury Property & Hotel News On Sep 04, 2021
MG Developer Miami will build a 10-story apartment rental building near the Hialeah Tri-Rail/Metrorail Transfer Station. Above: A rendering of the project.
Modis Architects
More residents will have the chance to live in the City of Progress. Another residential project is underway near the Hialeah Tri-Rail/Metrorail Transfer Station.
Hialeah is slated for a 10-story apartment rental building with 433 units, according to MG Developer Miami Founder Alirio Torrealba. His firm acquired the adjacent lots at 955 East 25th St. and 962, 972 and 980 East 26th St., currently occupied by a 2-story retail center and some housing, for $11 million in May.
"Metro Parc" will have a restaurant or marketplace — a Latin-inspired version of Time Out Market Miami, said Torrealba — on the ground floor. Amenities will include co-working spaces, an outdoor kitchen, pool and gym. Torrealba plans to tap three or four Hialeah-based artists to paint the façade of the building.
Units will range from an approximately 500-square-foot studio to an 800-square-foot apartment with two bedrooms and two bathrooms, Torrealba said. The anticipated rent will be $2.30 per square foot, which would range from about $1,150 per month to $1,840 per month.
Hialeah is the sixth largest city in Florida, according to the U.S. Census Bureau. The need for more housing continues to draw developers, including the Estate Companies, the Related Group and Fontainebleau Development.
"The growing population in Hialeah was one of the factors of why we wanted to build in the community," Torrealba said. "The young population and families end up leaving, because they can't find a place for their new life."
MG Developer Miami will spend $90 million on building out the project. The Hialeah Planning and Zoning Board approved plans in August. The firm anticipates obtaining demolition and building permits in October, demolishing existing structures in November and launching construction in January. The project is anticipated to be completed by mid-2024.
Rebecca San Juan writes about the real estate industry, covering news about industrial, commercial, office projects, construction contracts and the intersection of real estate and law for industry professionals. She studied at Mount Holyoke College and is proud to be reporting on her hometown.
Support my work with a digital subscription
apartment rental project, Hialeah, hotel property, luxury homes, luxury hotel, luxury property trends, MG Developer, Miami, real estate, real estate market news
Full-Floor Penthouse with Marina & Downtown Views
We are delighted to present this ultra limited waterfront penthouse at…
12,114	Sq Ft
One of Dubai's Most Incredible Penthouses
It is truly a delight to present this exquisite and…