Alirio Torrealba’s MG Developer is launching sales of the final phase of its Biltmore Square development in Coral Gables.
The Coral Gables-based firm hired Serhant to sell The George, a 13-unit townhouse project at 717 Valencia Avenue, according to a press release. Ryan Serhant and Jorge Fernandez will lead the sales team. Fernandez, previously with Compass and One Sotheby’s International Realty, joined Serhant this summer.
Completed phases of MG Developer’s Biltmore Square include the five-unit Althea Row, nine-unit Beatrice Row, and 10-unit Biltmore Row, which are all townhouses, as well as the 32-unit Biltmore Park condo.
The George townhouses will span about 6,000 square feet. They’ll include four-car garages, elevators and outdoor space. The asking prices range from $5.9 million to $6 million, according to a spokesperson for the developer. Coral Gables-based De la Guardia Victoria Architects & Urbanists designed the George.
Construction of the final phase is expected to start in the fourth quarter, according to the release. The units would be completed within 20 months of groundbreaking. MG plans to finance construction with a lender it’s worked with for previous phases, the spokesperson said, declining to identify it.
An affiliate of MG paid $11.5 million in December for the 0.8-acre assemblage where the George will be built, records show.
MG Developer, led by Torrealba, has been expanding outside Coral Gables. The firm recently paid $36 million for the Regency Miami Airport by Sonesta, a five-story, 176-key hotel near Miami International Airport. MG will continue operating the hotel and plans to develop a multifamily project with 220 units on a vacant portion of the site. In July, the firm and its partner, Ernesto de Luca, unveiled plans for Doral Parc, a planned complex of three mixed-use buildings with 552 apartments, nearly 23,000 square feet of ground-floor retail and two garages in Doral.
In South Florida, Serhant is leading sales and marketing of the planned Mercedes-Benz Places in Brickell, a JDS Development Group condo project. The brokerage is also handling leasing of Kushner Companies and PTM Partners’ 420-unit luxury apartment tower at 2000 Biscayne Boulevard in Miami’s Edgewater.
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