CLIENT NEWS: MG Developer proposes 552 apartments for final phases of Doral project
August 28, 2024MG Developer, led by CEO Alirio Torrealba, has the final phases of the mixed-use Midtown Doral project under contract, but it’s looking to make changes to the development program.
The City Council approved the amended settlement agreement and master development agreement for Midtown Doral phases IV, V and VI on Aug. 14 at First Reading. MG Doral Partner LLC, an affiliate of Coral Gables-based MG Developer, has 7.2 acres on east side of Northwest 107th Avenue, between Northwest 86th Street and Northwest 90th Street, under contract from MTD Unit 3 503 LLC and DelCop.
The vacant site is directly north of the first three phases of Midtown Doral.
Century Homebuilders, Mattoni Group and Conconcreto partnered to build the first two phases of Midtown Doral, with apartments and retail space. They also obtained approval for an additional phase that has yet to break ground.
The development program for the entire Midtown Doral project is governed by a legal settlement the city reached with landowners stemming from a 2004 lawsuit. Because of that, the settlement must be amended when the development program of Midtown Doral changes. MG Developer has proposed what would be the seventh amendment.
Currently, phases IV, V and VI of Midtown Doral are respectively approved for 126 apartments with 22,437 square feet of commercial space, 127 apartments with 22,437 square feet of commercial space, and 52,000 square feet of commercial space with 75,000 square feet of offices.
MG Developer has proposed changing that to 146 apartments, 203 apartments with 11,370 square feet of commercial space, and 203 apartments with 11,370 square feet of commercial space. There would also be a seven-story, 848-space parking garage for phases IV and V, then a six-story, 514-space parking garage for phase VI.
The new change would be 299 more apartments, 74,125 less commercial space and the elimination of all office space. Given the strong demand for apartments in Doral, that could be a more lucrative business plan.
In addition, MG Developer would agree to restrict 10% of the apartments in the project as “hero housing” meaning they would be income-restricted housing with priority for Miami-Dade school employees, city of Doral employees, and first responders. They would be of similar size to the market-rate apartments. The hero housing would be divided into thirds for people making up to 90%, up to 115% and up to 140% of area median income. It would remain hero housing for 20 years.
The median household income in Miami-Dade County is $79,400, according to HUD. Many city employees, teachers and first responders struggle to afford housing in Doral, where housing prices have soared, so this hero housing could help them live in the community they serve.
Any units designated as hero housing that aren’t rented to the targeted employee groups would be rented to the general community at 140% of area median income.
Officials with MG Developer couldn’t be reached for comment. Attorney Graham Penn represents the developer in the application. Doral-based Pascual Perez Kiliddjian Starr Architects & Planners designed the project.
“The proposed project will feature beautiful modern design, finishes and features. features considerable amenities including, but not limited to, dog park, tot lot, swimming pool, amenities deck, and open terraces and plazas,” the developer stated in the application.
Torrealba has made a big impact in Miami-Dade County development since moving from Venezuela to Miami in 2013. He’s built many residential buildings in Coral Gables, and he has new projects in the works in Hialeah and Princeton.
