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G Developer has made a significant move into the hospitality industry by acquiring Regency Miami Airport by Sonesta, a five-story hotel with 176 rooms located at 1000 Northwest 42nd Avenue, for a whopping $36 million. The deal was spearheaded by Coral Gables-based MG, led by Alirio Torrealba and Diego Torrealba, who plan to continue operating the hotel while also developing a multifamily project with 220 units on a vacant portion of the site.
The seller of the property was an affiliate of Miami-based OPB Capital Group, led by Orlando Padron, who purchased the hotel in 2019 for $25.8 million. The building was completed in 1982 and sits on a 3.8-acre plot of land.
MG's expansion into Miami-Dade County is not limited to Coral Gables alone. The company has also unveiled plans for Doral Parc, a complex of three mixed-use buildings with 552 apartments, nearly 23,000 square feet of ground-floor retail, and two garages. The joint venture between MG and Ernesto de Luca is under contract to purchase a 7.2-acre development site within Midtown Doral, a master-planned community in Doral.
In addition to Doral Parc, MG is also planning Coral Key, an 11-story apartment building with 258 units and ground-floor retail in Princeton, an unincorporated neighborhood in southwest Miami-Dade. The company submitted a site plan application to Miami-Dade County in February.
MG has also made significant moves in Hialeah, where they acquired a 1.8-acre assemblage for $16.3 million in January to build Metro Parc South, a 10-story building with 347 apartments. The firm and its partner, Baron Property Group, are also planning Metro Parc North, another pair of 10-story projects with a combined 1,179 apartments.
In Coral Gables, MG has completed six boutique condominium and townhome projects, showcasing their expertise in the real estate industry. The acquisition of Regency Miami Airport by Sonesta marks a significant expansion into the hospitality sector for MG Developer, demonstrating their commitment to diversifying their portfolio and making a lasting impact in the South Florida real estate market.
