Arilio Torrealba’s MG Developer is moving forward with plans to build apartments around its existing hotel near Miami International Airport, as the multifamily housing market in South Florida experiences a slowdown.
The Coral Gables-based company intends to redevelop the 3.8-acre property at 1000 Northwest 42nd Avenue, currently home to the Regency Miami Airport by Sonesta, into a mixed-use project. The proposal is set for review by Miami’s Urban Development Review Board this week.
MG Developer is seeking approval for new five- and six-story apartment buildings adjacent to the 176-room hotel, according to documents submitted to city officials. Designed by Behar Font & Partners of Coral Gables, the project—called Regency Parc & Residences—would feature 208 apartments and a parking garage with space for 384 vehicles. The firm acquired the hotel for $36 million in 2024; it was originally built in 1982.
Last month, MG Developer secured $23 million in refinancing from New York–based Interaudi Bank. According to a news release, this funding will support renovations of the hotel and provide financial flexibility for construction on undeveloped portions of the site.
The planned apartments would range from studios measuring 465 square feet to two-bedroom units up to 890 square feet. One building would include about 2,800 square feet of commercial space.
MG Developer, previously recognized for luxury residential developments in Coral Gables, is expanding into multifamily projects elsewhere. This includes developments in Hialeah near public transit hubs and a planned 30-story condominium in North Bay Village with partner Prosper of Miami Beach.
The company’s new initiative comes at a time when South Florida’s rental market has started cooling after strong growth during the pandemic period. The median asking rent in the region fell by 3.4 percent in December to $2,262, according to Realtor.com data, reflecting an increase in available units and reduced migration into South Florida.
If approved, MG Developer’s project will join several other apartment complexes recently completed or underway near Miami International Airport and Blue Lagoon by developers such as Zom Living, Mill Creek Residential, and The Melo Group. These areas remain attractive for mid-rise residential projects due to their proximity to employment centers and major transportation routes despite a broader slowdown in leasing activity across South Florida’s tri-county area.
