Miami’s real estate leaders gathered to unpack the elevated interests of the City Beautiful’s past and present and how it rose to become one of the most coveted neighborhoods in the country to live, work, & play
MG Developer, a prominent name in real estate development, recently served as a sponsor of A Night at the Museum, the inaugural annual real estate impact conference at the iconic Coral Gables Art Museum earlier this month. The event was in collaboration with PROFILEmiami and featured three insightful panels led by esteemed real estate experts, attracting Miami’s most active developers, investors, and brokers to discuss key topics that have made an impact in the bustling real estate market in South Florida, particularly in Coral Gables.
“Being part of this incredible conference, surrounded by South Florida’s most respected real estate leaders, continues to inspire us at MG Developer to continue forging relationships and elevating the areas where we build,” said Diego Torrealba, Executive Vice President at MG Developer.
The event’s first panel, Women in Real Estate, highlighted the experiences of prominent women in real estate, including Venassa Stabile, Chief Operating Officer of ONE Sotheby’s International Realty; Cassie Resnick, Managing Director of Mast Capital; Alicia Lamadrid Paysse, Vice President of Cervera Real Estate, Katya Demina of PROFILEmiami, and Amelia Rodriguez, Senior Vice President of Banesco. These women shared their journeys of navigating the male-dominated real estate world while leveraging the city’s evolution and capitalizing on the growing market to advance their careers.
The Legends Panel, comprised of Edgardo DeFortuna of Fortune International Group, Bernardo Forte Brescia of Arquitectonica, and Carlos Rosso of Rosso Development, shared insights into their collaborative projects that shaped Miami’s skyline. They emphasized the importance of quality design, understanding buyers, and seizing opportunities for aspiring developers to learn from established ones.
The event also showcased the expertise of industry leaders, including Diego Torrealba, a Senior Vice President at MG Developer; Eduardo Otaola, Principal of Constellation Group; Raymond Fort from Arquitectonica; Scott Sherman from Torose Equities; and Scott Wadler from Berkadia who moderated the Coral Gables Design & Development panel. They shared insights on navigating Coral Gables’ design codes to enhance community quality through their development projects, explored the distinctions between build-to-rent and build-to-sell strategies, and highlighted the trend of companies like Apple expanding in Coral Gables and FIFA establishing its headquarters in the City Beautiful, which drive up both residential and commercial rent prices due to their influx of high-income employees.
“MG Developer strategically aligns itself with the City’s goals in every area of development to ensure the success of each project. By fostering collaborative relationships, we have effectively nurtured and expanded our enclaves and exponentially grown our organization,” added Torrealba. “Our investors have also expressed great confidence in us, especially after completing the construction and design of our projects in the City Beautiful; all have been eager to work with the company on developing more neighborhoods.”
Coral Gables continues to be the HOT topic and destination for real estate. Coral Gables, often called “The City Beautiful,” is renowned for its upscale neighborhoods, luxurious homes, and elegant lifestyle. The city is known for its Mediterranean Revival architecture, lush landscapes, and affluent residents. It’s home to prestigious institutions like the University of Miami and attracts high-net-worth individuals worldwide.
In terms of real estate value and desirability, Coral Gables now ranks above renowned American neighborhoods such as Beverly Hills in Los Angeles and the West Village in New York City. Factors such as prime location, exclusive communities, top-notch amenities, and substantial property appreciation contribute to its status as one of the ritziest neighborhoods in the country.
While specific rankings and comparisons can vary based on different metrics and timeframes, it’s not uncommon for Coral Gables to be mentioned alongside or even above renowned luxury markets like Beverly Hills, particularly regarding property values, lifestyle offerings, and overall prestige.
Today, MG Developer has become the most active residential developer, paying homage to the visionary founder of The City Beautiful, George Merrick. The Coral Gables-based real estate development company emerged in South Florida’s real estate scene in a big way in the last few years.
Alirio Torrealba moved to Miami in 2013 from Venezuela. He started buying real estate as a casual investment, primarily homes and small apartments around Miami. Then someone offered to sell him land in Coral Gables, and he fell in love with City Beautiful, its architectural aesthetics, canopy streets lined by mature trees, the Coral Gables lifestyle, and its people. In 2015, Alirio Torrealba founded MG Developer and started its first project, Biltmore Parc.
Today, the area of Coral Gables where Torrealba developed Biltmore Parc has been named Biltmore Square. It includes five other boutique projects with Mediterranean and Spanish Colonial architecture, including the latest under development, The George. The company’s strategy in Coral Gables isn’t about maximizing density. MG Developer builds larger townhome residences with architecture inspired by George Merrick, who planned and developed the city in the 1920s.
With MG’s most significant project yet in Coral Gables, the company aims to create the city’s eighth village, as Merrick established seven distinct villages. The Village at Coral Gables started construction in August of 2023 on a 2.6-acre site assembled from multiple property owners. It will have a mix of 48 units comprising villas, townhomes, lofts, and flats, with townhouse prices starting at $1.7 million.
MG Developer’s impact on Coral Gables’ real estate landscape is palpable. Their strategic approach, focusing on quality over quantity, has catapulted modern but classical Mediterranean/Spanish Colonial architecture in Coral Gables as MG Developer’s commitment to enhancing communities and elevating luxurious living experiences. The company’s success in Coral Gables paved the way for ventures in Hialeah, where MG Developer converted blocks of homes into multifamily projects. MG’s ability to recognize opportunities and collaborate with investors has propelled the company’s expansion into larger rental developments throughout Miami-Dade County.
The company’s journey exemplifies resilience, vision, and a deep understanding of the ever-evolving real estate market in South Florida.
For more information, please visit www.MGDeveloperMiami.com.
About MG Developer
MG Developer is a residential property development company based in Coral Gables, Florida. Led by Alirio Torrealba, the firm is a subsidiary of MG Capital. It provides and implements a comprehensive array of real estate-oriented services, from concept creation and property site selection to project advancement. As a member of the Coral Gables community, MG Developer is committed to the beautification of the city and supports its Art in Public Places program, recently commissioning an original stone sculpture at Balboa Plaza called “A Midsummer Night’s Dream.” The firm is an advocate of public exhibitions throughout Coral Gables that enhance the area’s unique lifestyle and design and is also a proponent of philanthropic efforts and organizations that elevate the city’s standard of living, including the Coral Gables Community Foundation and FundaHigado.
