MG Developer plans to break ground on the Village project in Coral Gables this month after securing a $67.5 million construction loan.
New York-based Churchill Real Estate provided financing for the 48-unit project at 535 Santander Boulevard, according to a release. Coral Gables Village will feature townhomes, lofts, villas and condos ranging in size from 1,750 square feet to 3,100 square feet.
Prices start at nearly $2.1 million. One Sotheby’s International Realty is handling the sale.
Designed by Coral Gables-based De La Guardia Victorian Architects and Urban Planners, the project will be built in a Mediterranean Revival style, with gardens, courtyards and fountains, the release said.
MG Developer, led by CEO Alirio Torrealba, formed the 2.6-acre site last year, paying $15.9 million for the entire block.
Between March and June, MG Developer received final platform approvals for the City of Coral Gables and Miami-Dade County. Buildings in Coral Gables Village range in height from two to four stories. By adopting a Mediterranean design, MG Developer also gains a density bonus, allowing for an additional two units per acre.
MG Developer is one of the most active home builders in Coral Gables. In recent years, the firm has completed Althea Row, Biltmore Row, Biltmore Parc and Beatrice Row apartment and townhouse projects.
MG Developer is also co-developing a 560-unit apartment complex in Hialeah. In September, MG Developer and Baron Property Group secured a $148 million construction loan for a planned 10-storey two-tower project.
That same month, the joint venture completed a two-acre project near Coconut Grove and Coral Gables, building a two-tower, nearly 472-unit condominium project south of Bird Road called Merrick Parc. MG Developer and Baron purchased an acre of land at 3191 SW 39th Avenue and 3160 SW 38th Court for $16 million.
Also last year, MG Developer bought another adjacent piece of land at 3898 Shipping Avenue for $19.5 million.