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.”

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.

Emerging Leaders: The Next Generation of Real Estate Presented by the Miami Herbert Business School Accelerated MBA in Real Estate

PROFILEmiami and the University of Miami Patti and Allan Herbert Business School’s Accelerated MBA in Real Estate are pleased to present “Emerging Leaders: The Next Generation of Real Estate”, featuring an immersive panel event exploring the different stages of a career in the real estate industry and what it takes to get there. Miami is one of the hotbeds of commercial and residential real estate development and investment, making a career in Miami’s ritzy real estate industry a coveted position to hold. PROFILEmiami has teamed up with Miami Herbert Business School’s Accelerated MBA in Real Estate program to explore the next generation in real estate, working and hiring in the Miami market, recruiting, education and how some of Miami’s biggest real estate players got to where they are today.

The evening will be held at The Village of Coral Gables Sales Gallery in Coral Gables, showcasing their new luxury condominium and townhome project now under development in Downtown Coral Gables.

The relaxed and open setting provides an opportunity for attendees to learn about how to advance their career in real estate, educational opportunities and recruiting in Miami’s commercial and residential real estate industries. The sales gallery provides an intimate yet luxurious setting to enjoy cocktails and bites while networking with some of South Florida’s preeminent and emerging real estate leaders. The engaging panel will feature keynote speakers Jakub Hejl, the Founder & CEO of Westside Capital; Diego Torrealba, a current student in Miami Herbert Business School’s Accelerated MBA in Real Estate program and a Senior Vice President at MG Developer; Marc Chasin, a Vice President at Eden Multifamily; moderated by Demetri Demascus of PROFILEmiami.

About the University of Miami Accelerated MBA in Real Estate Program

Named one of the world’s best MBA programs, the Accelerated Real Estate MBA combines the expertise of Miami Herbert Business School with the School of Architecture, a leader in new urbansim. In the program students learn from global real estate leaders, strengthen their business foundation with a real estate focus, and have the opportunity for up to two paid internships with firms, such as Brookfield, Fortune International, Mast Capital, Nuveen, Related Group, The Kislak Company, and more.

Miami, and South Florida in general, is a growing hub for commercial and residential real estate. As such, Miami Herbert Business School attracts local, national, and international industry experts through the annual University of Miami Real Estate Impact Conference. The school also hosts the annual Impact Investing in Commercial Real Estate Competition, showcasing innovators and trendsetters who are shaping the future of real estate. Both the conference and the competition give you exclusive access to extensive networking opportunities.

Who Should Attend: Prospective MBA candidates, Recruiters, Employers, Developers, Investors, Brokers, Lenders, Architects, Lawyers, Designers, Wealth Managers, Financial Planners, CPAs and other Business Professionals.

Date: October 26, 2023 | 6 PM - 8 PM

Where: The Village at Coral Gables Sales Gallery, 2990 Ponce De Leon Blvd., Coral Gables

Panelists:

• Manuel de Zárraga, Executive Managing Director, Executive Committee Council Member, JLL Capital Markets, Americas

• Jakub Hejl, Founder & CEO, Westside Capital

• Diego Torrealba, Vice President, MG Developer & University of Miami

• Marc Chasin, Vice President, Eden Multifamily

• Moderator: Demetri Demascus, Co-Founder of PROFILEmiami

Hosts & Sponsors

Hosts:

MG Developer Appoints Diego Torrealba As Senior Vice President

MG Developer, a residential developer with headquarters in Coral Gables and currently the most active developer in Hialeah, is pleased to announce that it has named Diego Torrealba as its new Senior Vice President of Real Estate Development at MG Developer.

Torrealba brings a wealth of industry experience and expertise to his new role. Prior to this promotion he was the Vice President of Real Estate Development at MG Developer and was responsible for the management of investor and lender relations, he reported for $400M in active development projects, assisted with negotiations for all projects, and evaluated investment opportunities.

“We are thrilled to appoint Diego as our new Senior Vice President,” said Alirio Torrealba, CEO of MG Developer. “Diego’s academic achievements, professional experience, and dedication to our company’s vision make him the perfect fit for this role. We are confident that under Diego’s leadership, MG will continue to thrive in the real estate industry.”

Torrealba’s involvement in the family business is a testament to his deep commitment and passion for the company’s continued growth and success. His proven leadership, combined with his fresh perspective, will continue MG Developer’s ongoing achievements.

Diego Torrealba’s promotion comes on the heels of being accepted into the Miami Herbert Business School to attain a Master of Business Administration in the Accelerated MBA in Real Estate Program and his recent graduation from Boston University, where he earned a Bachelor of Science degree in Economics. Throughout his academic journey, he distinguished himself both in the classroom and on the field as a member of the university’s Division 1 soccer team.

“We are very pleased to welcome Diego Torrealba into UM’s Master of Business Administration in Real Estate noted Dr. Andrea Heuson, Professor of Finance and Academic Director of Real Estate Programs at Miami Herbert. We look forward to seeing his growth and evolution in our institution. We are confident that with the skill set, he attains through his journey with us, he will accomplish great things in his real estate career and make a meaningful impact in South Florida.”

Diego currently serves as a member of the Coral Gables Museum Young Associates board and holds a real estate sales agent license with One Sotheby’s International Realty.

Under the leadership of Alirio Torrealba, MG Developer is a residential property development company based in Coral Gables, Florida offering a wide range of real estate services, including concept creation, property site selection, and project advancement. Torrealba has already completed 11 developments and has more than $600 million in developments in planning throughout Miami, establishing MG as one of the most active developers in South Florida today.

For more information, please visit www.mgdevelopermiami.com.