Arilio Torrealba’s MG Developer is moving forward with plans to expand its presence near Miami International Airport by proposing a new mixed-use development. The Coral Gables-based company intends to build apartments on the 3.8-acre site of the Regency Miami Airport by Sonesta, located at 1000 Northwest 42nd Avenue.
According to documents filed with the city of Miami, MG Developer is seeking approval for five- and six-story apartment buildings next to the existing 176-room hotel. The project, called Regency Parc & Residences and designed by Behar Font & Partners, would feature 208 apartments and a parking garage with 384 spaces. Plans also include 2,800 square feet of commercial space in one of the buildings. Apartment sizes would range from studios measuring 465 square feet to two-bedroom units up to 890 square feet.
MG Developer acquired the hotel for $36 million in 2024. Last month, it secured $23 million in refinancing from New York–based Interaudi Bank. According to a news release, this financing will support renovations at the hotel and provide flexibility for construction on currently vacant portions of the property.
The proposal comes as South Florida’s rental market shows signs of cooling after a period of rapid growth during the pandemic. In December, median asking rents in the region fell by 3.4 percent to $2,262, reflecting increased apartment completions and slower migration into South Florida.
MG Developer has previously focused on luxury residential projects in Coral Gables but is now diversifying its portfolio with multifamily developments in Hialeah near public transit terminals and a planned high-rise condominium project in North Bay Village alongside partner Prosper.
If approved, Regency Parc & Residences would add to ongoing apartment construction activity around Miami International Airport and Blue Lagoon. Other developers such as Zom Living, Mill Creek Residential, and The Melo Group have recently delivered thousands of units in these neighborhoods. The area remains attractive for mid-rise multifamily projects due to its proximity to employment centers and transportation routes, even as leasing activity moderates across South Florida.
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