MG Developer Picks Up Site for North Bay Village Venture

MG Developer acquired two waterfront parcels totaling 42,750 square feet in North Bay Village to launch a new mixed-use development. Located at 1681 & 1725 Kennedy Causeway, MG Developer acquired the properties for $30.9 million in a partnership with Prosper Group.

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 community hub.

HKS Real Estate Advisors facilitated financing for this acquisition, securing a $21.6 million loan from RMWC.

Currently in the planning stages, the project is expected to break ground in 2027 and be completed by 2029.

Founded in 2014 and led by Venezuelan-native Alirio Torrealba, MG Developer is a residential property development company headquartered in Coral Gables, Florida, providing a comprehensive array of real estate-oriented services, from concept creation and property site selection to project advancement.