CLIENT NEWS: MG, Baron plan $600M, three-building rental project in Hialeah
July 6, 2023MG Developer and Baron Property Group are ramping up work on their $600 million Metro Center project in Hialeah, with plans to start construction on a pair of rental buildings next year.
Coral Gables-based MG and New York-based Baron are developing Metro Center on nearly 9 acres between East 26th and East 25th streets, and between East Ninth and 10th avenues, as well as several surrounding lots, according to an MG news release and property records.
The 2.3 million-square-foot project would bring 1,526 units to the city. It’s another sign of Hialeah’s transformation from a largely single-family home community with an industrial real estate sector into a multifamily and retail hub.
Last year, MG and Baron started building the 10-story Metro Parc building with 559 apartments at 955 East 25th Street. The developers will start construction on the 10-story, 620-unit Metro Parc North at 983 East 26th Street in the first quarter of next year, followed by the start of construction in the third quarter of the 10-story, 347-unit Metro Parc South at 954 and 934 East 25th Street.
The project will include more than 35,000 square feet of restaurants and retail, according to the release. Completion of Metro Center is expected in 2027, MG said through a spokesperson.
MG and Baron assembled the development site in 2021 and 2022 for a combined $55 million, according to the spokesperson and property records.
In September, the pair scored a $148 million construction loan from Post Road Group for a portion of the project.
The development is near MG’s planned 55-unit Metro Station apartment building adjacent to a Tri-Rail/Metrorail Transfer Station. In April, the Hialeah City Council approved rezoning the development site at 2691 East 11th Avenue.
Led by Alirio Torrealba, MG also is focused on Coral Gables. The firm plans The Village of Coral Gables with 48 units, including four duplex units, 16 townhouses, four lofts and 24 condos at 535 Santander Avenue.
The firm’s completed projects in Coral Gables include the Biltmore Row townhouse complex at 2605 Anderson Road, and the Biltmore Parc condominium building at 718 Valencia Avenue, according to MG’s website.
Baron, led by Matthew Baron, also is partnering with MG on the 400-plus-unit Merrick Parc apartment project at 3191 Southwest 39th Avenue, 3160 Southwest 38th Court and 3898 Shipping Avenue in Miami.
Hialeah has caught commercial real estate developers’ eyes in recent years. According to The Real Deal’s most recent tabulation, builders have paid nearly $250 million for land and borrowed almost $378 million for construction.
While much of the activity is industrial projects within Countyline Corporate Park, some multifamily development also is on tap. At 7450 West Fourth Avenue, Prestige Companies and Florida Value Partners plan a three-story building with 12 apartments and 100 rental townhouses.
