MG Developer and Vertical Developments Secure $100 Million Construction Loan for Alhambra Parc in Coral Gables

MG Developer and Vertical Developments have closed on a $100 million construction loan for Alhambra Parc, their landmark mixed-use development located in the heart of Coral Gables.

Developed by MG Developer and Vertical Developments, Alhambra Parc received financing from Benmark Capital, a real estate private equity firm based in Miami and New Jersey. Managing Director Scott Wadler and Vice President Bobby Dockerty of Berkadia led the transaction in securing the loan on behalf of MG Developer and Vertical Developments, with additional support from Berkadia Senior Managing Director Mitch Sinberg, and Managing Directors Matthew Robbins and Brad Williamson.

“Securing this financing is a clear demonstration of the strength of Alhambra Parc, the quality of the project, and the confidence our partners and financial institutions continue to place in our vision,” said Alirio Torrealba, CEO of MG Developer. “We are proud to advance another transformative project in Coral Gables, a city to which we have been deeply committed for more than a decade. Alhambra Parc reflects our belief that great developments should create lasting value for investors, residents, and the broader community. We are also fortunate to have Vertical Developments as a partner whose shared vision, professionalism, and expertise have been instrumental in bringing this project forward.”

The closing represents a significant milestone for Alhambra Parc and reinforces strong institutional confidence in the vision, execution, and long-term commitment to Coral Gables. It also marks MG Developer’s 10th project in the city, further solidifying the firm’s role as one of the most active and established developers in the market.

“This achievement marks a major milestone for Alhambra Parc and reflects our confidence in Coral Gables as one of South Florida’s most dynamic and resilient markets,” said Fernando de Nunez y Lugones, CEO of Vertical Developments. “With our headquarters in the city and several significant projects underway, we remain committed to creating destinations that contribute to the community’s long-term growth and vitality. It has also been a privilege to partner with MG Developer, whose deep market knowledge, proven track record, and commitment to excellence have been instrumental in advancing a project that will deliver lasting value for both residents and the city.”

“Alhambra Parc is the result of a shared vision between two organizations that firmly believe in creating exceptional communities,” added Torrealba. “MG Developer’s experience and track record in Coral Gables, combined with the reach, innovation, and institutional capabilities of Vertical Developments, have made it possible to create a project that will bring lasting value to the city and contribute positively to its evolution over the coming decades.”

Located at 33 Alhambra Circle, Alhambra Parc is a premier mixed-use development featuring 74 one-, two-, and three-bedroom luxury residences, 13,000 square feet of office space, and nearly 18,000 square feet of curated retail in one of South Florida’s most sought-after neighborhoods. Designed by Bellin & Pratt Architects, with amenities and common areas by Ray Jimenez of Raymond Nicholas and interiors by Carlos Guevara, the project reflects both developers’ ongoing commitment to high-design, walkable urban living in Coral Gables.

Renderings via Ray Jimenez and Carlos Guevara

Past PROFILEmiami articles about Alhambra Parc:

For more information about Alhambra Parc, private showings or purchasing/ leasing information please fill out the form below:

MG Developer Breaks Ground and Launches Sales For 'The George', The Final Development in Biltmore Square in Coral Gables

One of Coral Gables’ most active development firms, MG Developer, has announced the official groundbreaking and sales launch of The George Residences, its final and most prestigious development in the award-winning Biltmore Square community. Located at 717 Valencia Avenue, this limited collection of 13 ultra-luxury townhomes marks the culmination of MG Developer’s decade-long vision to redefine luxury living in Coral Gables. Residences at The George start at $6.275 million, with completion expected in Q2 2027.

The milestone coincides with the unveiling of new interior and exterior renderings, offering a first look at the architecture, design, and townhome lifestyle that will further elevate one of Coral Gables’ most storied neighborhoods.

“Breaking ground on The George is a defining moment not just for MG Developer, but for Coral Gables as a whole,” said Alirio Torrealba, CEO of MG Developer. “This project represents the apex of our architectural and cultural vision, an homage to George Merrick’s legacy that merges timeless design with a modern sensibility. With Pine Bay Capital’s trust, De la Guardia Victoria Architects & Urbanists’ architectural mastery, and Ryan Serhant of SERHANT. New Development leading sales, we’ve curated a team that embodies the very best of design, craftsmanship, and global appeal.”

Designed by acclaimed architect Maria de la Guardia, The George blends Mediterranean-inspired architecture with contemporary luxury. Each residence spans more than 5,000 square feet and features private courtyards, loggias, summer kitchens, 4-car garages with EV charging stations, and integrated smart-home automation for lighting, music, and security. Finishes include Italian millwork, marble countertops, solid mahogany doors and windows, and premium appliances from Subzero, Wolf, and Waterworks.

Sales and marketing are led exclusively by Ryan Serhant and Jorge Fernandez of SERHANT. New Development, reinforcing the project’s national prominence and positioning it as one of South Florida’s most distinguished new addresses.

“The George is a rare offering, a boutique collection of residences that captures the spirit of Coral Gables’ tree-lined charm while delivering a cosmopolitan level of luxury,” said Ryan Serhant, CEO of SERHANT. “Our team is thrilled to introduce these homes to a discerning audience that values design, sophistication, and timeless quality.”

Earlier this year, MG Developer secured a $41 million construction loan from Pine Bay Capital, underscoring institutional confidence in the Coral Gables ultra-luxury market and the strength of MG Developer’s brand.

Renderings via Metrica Visuals

For more information about The George or to inquire about purchasing a unit please fill out the form below:

MG Developer Locks Down $41 Million Construction Loan For The George Residences, The Final Development in Coral Gables' Biltmore Square

MG Developer has secured a $41 million construction loan from Pine Bay Capital to bring The George, its final and most prestigious project in Biltmore Square, to life. Located at 717 Valencia Avenue, this exclusive collection of 13 ultra-luxury townhomes represents the culmination of MG Developer’s transformative vision for Coral Gables. Residences at The George start at $5.9 million with completion expected in Q2 2027.

“This financing milestone reaffirms our belief in the timeless vision behind The George,” said Alirio Torrealba, CEO of MG Developer. “We’re proud to have Pine Bay Capital's support and excited to move forward with what will be one of the most exclusive residential offerings in Coral Gables. With world-renowned broker Ryan Serhant and his team leading sales, interiors by Nina Takesh, and architecture by De la Guardia Victoria Architects & Urbanists, we've assembled a best-in-class team that reflects a continued love and contribution to the legacy of Coral Gables and its founder.”

The George stands as a tribute to the city’s founder, George Merrick, and reflects MG Developer’s deep-rooted commitment to honoring Coral Gables’ architectural and cultural legacy. Designed by acclaimed architect Maria de la Guardia, with interiors by Nina Takesh, the project will deliver elevated design and a lifestyle of distinction.

Over the past decade, MG Developer has completed some of Coral Gables’ most iconic developments, including the award-winning Biltmore Row, Beatrice Row, Biltmore Parc, and most recently, The Village at Coral Gables, blending Mediterranean-inspired architecture with modern luxury. The George will extend that legacy with generous floor plans, curated finishes, and an exceptional location within walking distance to Downtown Coral Gables.

Sales and marketing for The George are led exclusively by Ryan Serhant SERHANT. New Development, reinforcing the project’s national reach and prestige.

“This is one of the most architecturally significant and emotionally compelling projects our team has encountered,” said Ryan Serhant, CEO of SERHANT. “The George is the final jewel in the Biltmore Square legacy, and we are honored to represent it. It’s a rare opportunity to own a piece of Coral Gables luxury that elegantly defines its future.”

Each residence spans over 5,000 square feet, featuring solid mahogany doors and windows, Italian millwork, marble countertops, and top-tier appliances from Subzero, Wolf, and Waterworks. Interior highlights include ceiling heights up to 12 feet, a sculptural staircase with skylight, elevators, and custom automation packages for lighting, music, and security. Upon completion, total sales from the project are expected to reach approximately $90 million.

Outdoor spaces include private courtyards, loggias, and summer kitchens, designed for seamless indoor-outdoor entertaining. All homes come with 4-car garages, EV chargers, and generator-ready systems, a rare blend of traditional craftsmanship and modern functionality.

MG Developer and Vertical Developments Reveal Alhambra Parc in Coral Gables

Miami-based real estate development firm MG Developer and co-developer Vertical Developments, have launched sales for Alhambra Parc, a highly anticipated mixed-use development in the heart of Coral Gables. Located at 33 Alhambra Circle, this sophisticated project seamlessly blends modern design, high-end amenities, and urban elegance, further enhancing the City Beautiful’s celebrated architectural landscape.

Prices for the residences start at $1.1 million, catering to discerning buyers who appreciate Coral Gables’ rich cultural heritage, walkability, and proximity to world-class dining, shopping, and entertainment venues. ONE Sotheby’s International Realty is the exclusive broker handling marketing and sales for Alhambra Parc.

Designed by Bellin & Pratt Architects, the eight-story, 170,000-square-foot development will feature 78 luxury residences, 13,000 square feet of office space, and nearly 18,000 square feet of ground-floor retail space. One-, two-, and three-bedroom units range from 860 sq. ft. to 2800 sq. ft. and offer expansive terraces.

“Coral Gables has always been a cornerstone of sophisticated living in South Florida,” said Alirio Torrealba, CEO of MG Developer. “With Alhambra Parc, we’re creating more than just residences; we are cementing a residential community that celebrates the city’s heritage while offering modern comforts and conveniences. That’s our signature mark and the legacy we will continue to leave behind 100 years from now.”

Developed by MG Developer , Alhambra Parc is a thoughtfully designed residential experience that will offer residents an exceptional selection of carefully curated amenities designed to elevate comfort and convenience. This includes two rooftop decks featuring a pool, spa, outdoor kitchens, a Paraiso Garden and yoga garden, and several serene green outdoor spaces on the top floor. Residents with children will also have access to a dedicated children’s playroom.

Alhambra Parc also features a state-of-the-art fitness center, a business center with coworking spaces, and a residents' lounge ideal for entertaining friends and families.

“This is a momentous occasion as we celebrate not only MG Developer’s 10th project in the City of Coral Gables, but also 10 years of development throughout South Florida,” said Diego Torrealba, Executive Vice President of MG Developer. “Alhambra Parc signifies an exciting transition from MG’s luxury townhome developments to vertical living that targets a younger demographic, allowing us to explore new market segments at an attractive price point.”

Just steps from Downtown Coral Gables and Miracle Mile, Alhambra Parc places residents at the heart of a thriving neighborhood rich in culture, fine dining, and entertainment.

“We’re thrilled to launch sales for Alhambra Parc, which represents a new chapter in Coral Gables living,” said Fernando de Nunez, CEO of Vertical Developments. “This project is about delivering a modern, luxurious lifestyle while staying true to the timeless architectural character of Coral Gables. It’s a unique opportunity for buyers to own in such a vibrant and dynamic location.”

“We are excited to collaborate with MG again on another exceptional development, and to introduce this landmark addition to Coral Gables’ legacy of luxury,” added Mayi de la Vega, Founder and CEO of ONE Sotheby’s International Realty. “With its prime location, timeless design, and thoughtful suite of amenities, Alhambra Parc will elevate the standard for luxury condominium living in one of Miami’s most sought-after addresses.”

For more information about Alhambra Parc or to inquire about purchasing a unit please fill out the form below:

MG Developer and Prosper Group Acquire Waterfront Land For Mixed-Use Project in North Bay Village For $30.9 Million

MG Developer, led by Alirio Torrealba, in partnership with Prosper Group, led by Jay Roberts, acquired a development site for a mixed-use project on North Bay Village for $30.9 million. The acquisition includes two waterfront parcels totaling 42,750 square feet located at 1681 & 1725 Kennedy Causeway. The project is currently in the planning stages and is expected to break ground in 2027 and be completed by 2029. The acquisition and development plans mark MG Developer’s expansion into new communities and commercial real estate product types.

“We are thrilled to embark on this partnership with Prosper Group, whose mission aligns perfectly with our dedication to developing communities that meet the needs of modern living,” said Alirio Torrealba, CEO of MG Developer. “Our expansion in South Florida is a testament to our commitment in enhancing vibrant neighborhoods, and we’re excited to contribute to North Bay Village’s transformation.”

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 dynamic community hub that elevates the area’s appeal. With a focus on modern, resort-style amenities, the project aims to redefine urban living along the Kennedy Causeway.

“We’re excited to join forces with MG Developer, whose growth and experience in the region are unmatched,” said Jay Roberts, CEO of Prosper Group. “This development will undoubtedly become a premier destination, and we are eager to bring our expertise and international designers to create a vibrant community that will attract residents from across the globe.”

MG Developer Partners With Interior Designer Nina Takesh On 'The George' In Coral Gables

MG Developer, a leading real estate development firm headquartered in Coral Gables and Los Angeles based Nina Takesh, founder of the eponymous design firm Nina Takesh Designs, have formalized an agreement for “The George,” an ultra-luxury 13 townhome development poised to be the crown jewel of the master-planned “Biltmore Square” enclave; named after the Founder of Coral Gables, George Merrick. MG Developer acquired the last parcel of land available in Coral Gables’ Biltmore Square area at the end of 2023 and is anticipated to break ground by the 4th quarter of 2024. This townhome collection is set to become a landmark development in Coral Gables and will complete MG’s master-planned community, Biltmore Square.  

Los Angeles-based Interior Designer Nina Takesh will lead the interior design for “The George,” MG Developer’s latest ultra-luxury townhome project in Coral Gables. With a global client base and over one million followers across her social media channels, Nina has designed for celebrity clients such as Jennifer Lopez, Gwen Stefani, and Madonna, to name a few. Nina collaborates with top brands and serves as an ambassador for Jenn Air. Her YouTube channel, Red Elevator, highlights her design expertise and passion, solidifying her reputation as a global design icon.

Takesh’s approach includes personalized consultations to capture clients' visions and preferences, followed by the creation of sophisticated and functional design concepts. Her team will meticulously plan room layouts, select all high-quality finishes, fixtures, and furnishings, and devise comprehensive lighting schemes to enhance the ambiance of each space. Throughout the project, Takesh will collaborate closely with architects and contractors to ensure the seamless execution of her design vision.

Additionally, she will oversee project management to maintain timelines and budgets, adding final styling touches for client approval. To engage the community and showcase the development's progress, Takesh will implement a strategic social media campaign across platforms like Instagram, YouTube, Facebook, Pinterest, and TikTok.

Nina Takesh Designs and MG Developer are committed to delivering superior excellence in The George’s interior design, which will reflect the property’s unique personality and the discerning lifestyle of its Coral Gables residents.

For more information about The George or to inquire about purchasing a unit please fill out the form below:

Inside PROFILEconnect 'A Night at The Museum' Real Estate Impact Conference at the Coral Gables Museum

On April 11, 2024, PROFILEmiami hosted PROFILEconnect: A Night at the Museum, the inaugural annual real estate impact conference bringing 3 panels and PROFILEmiami’s highly-regarded Bespoke Real Estate Networking to the iconic Coral Gables Art Museum. PROFILEmiami teamed up with ONEsir, Constellation Group, MG Developer, Banesco and Contempo Space to host a sophisticated afternoon exploring real estate markets, design and development; followed by bespoke networking and enjoying cocktails by E11EVEN Vodka with some of the largest and most active real estate developers, investors and brokers in Miami.

The event was kicked off by a VIP Lunch hosted by Diego Torrealba of MG Developer at Coral Gables hot-spot Zucca. VIP guests enjoyed a chef’s menu alongside active Coral Gables’ developers Eduardo Otaola of Constellation Group, Alirio Torrealba of MG Developer and Diego Torrealba of MG Developer.

Following the lunch attendees gathered at the Coral Gables Museum for the Women in Real Estate Panel, the first of three panels kicking off the speaking component of the event. Vanessa Stabile of ONEsir, Cassie Resnick of Mast Capital, Alicia Lamadrid Paysse of Cervera Real Estate, Katya Demina of PROFILEmiami and Amelia Rodriguez of Banesco discussed how they have navigated their careers as women in the male dominated real estate world. They also discussed how the city has evolved and how they have taken advantage of the growing real estate market to stand apart and advance their careers.

The women’s panel was followed by the Coral Gables Design and Development Panel, which featured Eduardo Otaola of Constellation Group, Diego Torrealba of MG Developer, Raymond Fort of Arquitectonica, Scott Sherman of Torose Equities and Scott Wadler of Berkadia discussed how Coral Gables Mediterranean revival architectural requirements impact development and the valuation of real estate in ‘The City Beautiful.’ Developers Diego Torrealba and Eduardo Otaola touched on how they worked with the Coral Gables design codes to plan projects that enhance the quality of the community while Scott Wadler discussed the differences between Build to Rent vs Build to Sell. Scott Sherman also discussed how companies such as Apple are moving into Coral Gables and bringing their high-paying employees, pushing both residential and commercial rent rates higher.

The afternoon was capped off with The Legends Panel, featuring Edgardo Defortuna of Fortune International Group, Bernardo Forte Brescia of Arquitectonica and Carlos Rosso of Rosso Development. The trio had all previously worked on projects together and discussed their experiences developing the city into the world-class metropolis it is today including projects such as The Ritz-Carlton Residences, Sunny Isles Beach and Miami’s Paraiso District. They also discussed how a quality design and understanding of the buyer is so important to development and the success of a project. They also discussed how they started their own companies and took their brands global. The legends also gave insight on how their was opportunity for aspiring developers to team up with established developers to learn from them before undertaking projects on their own.

Following panels guests gathered outside on the museum veranda for Bespoke Networking and Sunset Cocktails featuring bites from Zucca and cocktails by E11EVEN Vodka. Guests got to network with the panelists as well as other real estate heavyweights such as Alirio Torrealba of MG Developer, Nelson Stabile of Integra Investments, Rainer Viete of Vietmar, Daniel de la Vega of ONEsir, Jose Boschetti of Boschetti Group and Michael Hamaoui of Pagani Residences.

Part of PROFILEmiami’s highly-regarded PROFILEconnect bespoke networking event series, the event brings together Miami’s real estate industry and business professionals to network and connect outside of a traditional business setting. Guests will have the opportunity to network and share their experiences in South Florida through thoughtful discourse, while forging new relationships with industry leaders as they discuss the industry’s most pressing topics.

MG Developer Locks Down $11.5 Million Land Acquisition Loan And Reveals Plans For "The George" Luxury Townhomes

MG Developer, a leading real estate development firm led by Alirio Torrealba, has successfully closed a $11.5 million loan for the acquisition of prime land in Coral Gables. This strategic move is a testament to the visionary work of MG Developer which marks a significant milestone, as it sets the stage for the development of 13 more exclusive ultra-luxury townhomes. Named after George Merrick, “The George” will truly be a work of art and will become the crown jewel of the master-planned “Biltmore Square” community. Designed by De La Guardia, whose award-winning designs have received recognition throughout the world, including for MG Developer’s renowned Beatrice Row, also located in the Biltmore Square enclave in 2021.

"We are thrilled to embark on this journey to create 'The George,' a collection of ultra-luxury townhomes that will set a new standard for opulent living in Coral Gables. The support from our financial partners and the Coral Gables community continue to be instrumental in making this vision a reality." Said Alirio Torrealba, CEO of MG Developer.

The 13-townhome enclave will be known as "The George," and is poised to redefine luxury living in Coral Gables. With meticulous attention to detail and a commitment to exceptional design, MG Developer envisions "The George" as a testament to the epitome of sophistication and comfort.

Nestled within the prestigious Biltmore Square community, "The George" is located at 717 Valencia Avenue, and complements and completes the vision of an impeccably planned, upscale residential neighborhood by MG Developer, that is in walking distance to Miracle Mile, Downtown Coral Gables, the Biltmore Hotel, and hundreds of upscale restaurants and boutiques.

Each townhome will feature a sleek aesthetic with top-of-the-line features and finishes, offering residents an unparalleled living experience. Spacious layouts, high-end appliances, and curated interiors are just a glimpse of the lavish lifestyle "The George" will provide.

Anticipated to break ground in the third quarter of 2024, "The George" pays homage to the visionary real estate developer George Merrick. Renowned as the planner and builder of the city of Coral Gables, Florida in the 1920s, George Merrick is celebrated for creating one of the first major planned communities in the United States. MG Developer's decision to name these 13 ultra-luxury townhomes after George Merrick reflects a commitment to honoring his rich history and legacy he left for Coral Gables.

PROFILE Exclusive: 12 Questions With Alirio Torrealba, MG Developer Founder and Coral Gables Visionary

PROFILEMiami had the exclusive opportunity to sit down with real estate developer and philanthropist Alirio Torrealba, whose projects have continued the legacy of Coral Gables founder, George Merrick, and his vision for “The City Beautiful.”

Born in Caracas, Venezuela and graduated from the University of Santa Maria, Alirio Torrealba has a Law Degree with business experience in the automotive industry. From an early age he began to buy and sell used vehicles becoming an automotive agent and that is how he began his professional career in 1989 when he opened the doors of Western Motors, his first car dealership in Caracas, Venezuela.

Due to its success in the automotive industry, he could establish himself in the field and in 1992, Multimarca Automotive Group was born, originally venturing into the purchase, sale, and consignment of new and used vehicles. This experience allowed him access to the representation of important brands such as Kia, Ford, Fiat, among others. Part of his achievements with Multitarca include the positioning of the company as one of the main companies in Venezuela, dominating a large percentage of the market in the country, the growth of branches reaching more than 10, and the expansion of the product line since this experience in the Venezuelan market guided him to venture into the purchase and sale of urban buses. For 10 years (2000-2010) his focus was the automotive industry, always looking for new opportunities and exploring different ways to improve his business. It is because of this vision and desire to improve that in 2010 he was seeking to exploit different markets and develop in Puerto Rico, still under the umbrella of Multimarca Group, Alirio introduced the Kia brand to Bayamón and Humacao, Puerto Rico, strengthening its presence on the island.

In 2010 he began to participate in small real estate investments in Miami, generating an interest in the real estate business in Florida. Alirio moved to Miami in 2013 and in 2014 he began to look for opportunities with the desire to develop in the city. Motivated to find the perfect moment, he was presented with an open door in Coral Gables to build a boutique building in a very central area where developments did not exist, thus becoming the pioneers of development in Coral Gables.

Completely changing his business model and going from working with cars to working in the real estate world, he decides to open a development company, MG Developer, where he is currently the CEO. The company takes over its first project in 2015, which brought interest within the community, giving rise to new acquisition opportunities. From that year to the present date, MG Developer has managed to build and fully deliver eight projects that have generated a highly positive impact on the community.

Carrying with him the values that formed him, he also attaches great importance to corporate social responsibility and that is why he is an active ally of Fundahigado, where his company, MG Developer, is part of this international non-profit organization. Alirio shows his sense of human sensitivity by supporting professional training and development scholarships for children and youth from poor areas throughout Venezuela. In addition, in contribution to "City Beautiful" as Coral Gables is known, Alirio works in ties to promote Art and Culture.

PROFILEmiami recently caught up with Alirio following the groundbreaking of his new Coral Gables project, The Village at Coral Gables, to see how he built MG Developer into one of the fastest growing development firms in Miami and is continuing George Merrick’s original vision developing “The City Beautiful”:

PROFILEmiami [PM]: Tell us about your background, how did you get involved in real estate?

Alirio Torrealba [AT]: I arrived in Miami 8 years ago and was able to connect with the real estate industry. I got involved quickly and began to look at development options in the City of Coral Gables. The City was welcoming since day 1 and now I can say I feel at home here. It offers a very unique lifestyle and we found the perfect niche to create and develop unique projects that could continue to add value to Coral Gables.

PM: What was your first real estate development project?

AT: Our first development project was Biltmore Parc, 32 exclusive condominium residences.

PM: What is your development philosophy?

AT: Nothing beats good teamwork.

PM: You've made a name for yourself transforming Coral Gables residential real estate, can you tell us about your first involvement in the neighborhood and some of your previous projects?

AT: Biltmore Parc at the time gave us great visibility and exposure within the city of Coral Gables because it had been a long time since anything new was built in the city, this opened the doors and connected us with the neighboring people and from there arose new opportunities to buy land around that project.

PM: You recently started the construction of The Village at Coral Gables, tell us about this project?

AT: Built in the classic enclave of Coral Gables, the new Village at Coral Gables Collections revives the legacy of the City’s first architectural icon. Inspired by George Merrick’s Spanish architecture, The Village at Coral Gables reflects the community’s past and present vision—”The Village Project”—and offers 48 residences that are perfectly at home in their tropical surroundings. Here, timeless architecture and meticulously selected finishes are inspired by both the past and present, harmonizing with Coral Gables’ lush environment to create a one-of-a-kind experience. Residences range from two-bedroom flats to four-bedroom townhomes, we also offer Lofts and Villas.

PM: What is your perspective on the real estate market in Miami amid a changing economic environment and rising interest rates?

AT: Real estate in Miami has consolidated and stabilized. We are now in a market of stable prices, there is no longer a high trend, and my position is that with such a market it is still an opportunity to buy because when interest rates go down there will be a lot of demand and prices will rise. I think that with the issue of the interest rates, even being high is a good time to buy because prices have been maintained.

PM: What's the biggest obstacle you've had to overcome in your career?

AT: In my career as a developer, the biggest challenge has always been finding land to do major projects. Especially the localization of land in Coral Gables because there is not much left here so whenever we have had the chance to acquire land in the city, we take it as a great opportunity that we do not want to miss. It is the biggest effort and the one that takes more time in the process of development.

PM: What's the most important thing you've learned throughout your career?

AT: I have learned that it takes faith, perseverance, and a lot of dedication to achieve objectives.

PM: You are extremely active in the world of arts; can you tell us about your passion and relationship with art?

AT: I am a promoter of art and I like to support emerging artists to develop. I like our projects to have an art component since it is a fundamental part of the lifestyle that we promote in the city.

PM: You are very involved in the Coral Gables community, what are some of the philanthropic initiatives you have undertaken?

AT: We are very involved in the Coral Gables Community Foundation, and I always try to support their work. We also participate in the Coral Gables Museum and in general we like to participate in activities from the city because by being involved we can help the Coral Gables evolve. At the end of the day, I try to follow what has always been part of my work philosophy, which is sharing with others, working with generosity, and always trying to give one’s best.

PM: Describe your perfect Saturday night in Miami?

AT: A night out to dinner with my family in one of the many amazing places Miami has to offer.

PM: Where do we find you on your day off?

AT: Not necessarily a day off, but I always look for free time to enjoy a while running on the beach and disconnect for a second, following a healthy lifestyle.

George Merrick's 8th Village Comes to Life as MG Developer Breaks Ground on 'The Village at Coral Gables'

MG Developer, led by Alirio Torrealba, announces the successful groundbreaking ceremony and Harvest Festival for The Village at Coral Gables, the highly anticipated residential development that pays tribute to the aesthetic beauty and lifestyle of Seville, Spain, and continues the legacy of the dreamer and founder of Coral Gables, George Merrick, and his vision for “The City Beautiful.”

The groundbreaking ceremony, which took place on Saturday, September 16 at 504 Malaga Avenue, marked the official commencement of construction for this remarkable enclave. The event was graced by more than 600 esteemed guests, including Coral Gables Mayor Vince Lago, President of Coral Gables Chamber of Commerce, Mark Trowbridge, the project's exclusive sales partner: Founder and CEO of One Sotheby’s International Realty, Mayi de la Vega and President Daniel de la Vega, residents, and neighboring residents and buyers.

“I’m beyond words today. I feel truly proud to be able to celebrate the groundbreaking of The Village at Coral Gables with all of you and share in this auspicious occasion,” said Alirio Torrealba, CEO and Founder of MG Developer. “It’s been a true labor of love for me, and for everyone at MG Developer, my family, our partners, our investors, the entire community. They have all entrusted us to build a beautiful enclave that is part of the vision George Merrick had when he founded Coral Gables in 1925 and that is exactly what we are doing now.”

Coral Gables Mayor Vince Lago added, “The Village at Coral Gables is a testament to the rich cultural heritage of our city. George Merrick’s vision for ‘The City Beautiful’ lives on in this exceptional project. I am immensely proud of Alirio for his dedication in bringing his vision to life, creating a lasting legacy that will enhance the fabric of Coral Gables for generations to come.”

Following the groundbreaking ceremony, attendees were treated to an unforgettable experience at the aptly named “The Village Harvest Festival.” The event held from 10:00 a.m. to 2:00 p.m., brought together families and residents from the community to celebrate the Fall Season and the arrival of The Village at Coral Gables. The festival featured a farmer’s market with local artisan vendors and fun carnival activities including face painting, bounce houses and more.

The Village at Coral Gables will be set throughout 17 lots, bordered by Malaga Avenue, Santander Avenue, Segovia Street, and Hernando Street. The townhomes, lofts, villas, and flats will vary in style and size, from the sophisticated flats of two bedrooms with a study room and a balcony to the charming four-bedroom townhomes that range from 1,750 square feet to 3,100 square feet. Inspired by Merrick’s seven villages, The Village at Coral Gables will be built in a Mediterranean Revival-Style Architecture, designed by De La Guardia Victoria Architects & Urbanists, and integrate gardens, courtyards, and fountains inspired by the alcoves in the Plaza de España.

Residents will enjoy an array of recreational amenities, including a wellness clubhouse, indoor and outdoor terrace lounge, fitness wing, plunge pool, library, conference center, and high-speed Wi-Fi – redefining modern living in historic Coral Gables. The Village at Coral Gables is situated within walking distance of Downtown Coral Gables, golf courses, the Lowe’s Hotel, Biltmore Hotel, cultural attractions, and renowned dining venues, offering residents the best of South Florida living.

With its captivating design, luxurious amenities, and prime location, The Village at Coral Gables is poised to become the most sought-after living destination in South Florida, seamlessly blending the past with the present.