MG Developer acquired two waterfront parcels totaling 42,750 square feet in North Bay Village to launch a new mixed-use development. Located at 1681 & 1725 Kennedy Causeway, MG Developer acquired the properties for $30.9 million in a partnership with Prosper Group.

The new development will feature 147 condominiums, offering one-, two-, and three-bedroom residences. In addition to luxury residences, the project will include restaurants and retail spaces designed to create a community hub.

HKS Real Estate Advisors facilitated financing for this acquisition, securing a $21.6 million loan from RMWC.

Currently in the planning stages, the project is expected to break ground in 2027 and be completed by 2029.

Founded in 2014 and led by Venezuelan-native Alirio Torrealba, MG Developer is a residential property development company headquartered in Coral Gables, Florida, providing a comprehensive array of real estate-oriented services, from concept creation and property site selection to project advancement. 

The post MG Developer Picks Up Site for North Bay Village Venture appeared first on Connect CRE.


Gillian Executive Search is a leader Multifamily Apartment Development, Financing, Design and Construction recruiting. www.gessearch.com