Arilio Torrealba’s MG Developer is planning to expand its presence near Miami International Airport by adding apartments around the Regency Miami Airport by Sonesta hotel. The move comes at a time when South Florida’s multifamily rental market is experiencing slower growth.
MG Developer, based in Coral Gables, aims to redevelop the 3.8-acre site at 1000 Northwest 42nd Avenue into a mixed-use project called Regency Parc & Residences. The proposal includes five- and six-story apartment buildings next to the existing 176-room hotel, as shown in city filings. The plan also features a parking garage with 384 spaces and up to 208 apartments, ranging from studios to two-bedroom units. One of the new buildings would include 2,800 square feet of commercial space.
The project was designed by Behar Font & Partners, an architecture firm located in Coral Gables. MG Developer acquired the five-story hotel for $36 million in 2024; the building was originally completed in 1982.
Last month, MG Developer secured $23 million in refinancing from New York–based Interaudi Bank. According to a company news release, these funds will be used for renovating the hotel and provide financial flexibility for starting construction on parts of the site that are currently vacant.
Torrealba’s company is primarily known for luxury residential developments in Coral Gables but has recently begun diversifying into multifamily projects. This includes new developments near public transit terminals in Hialeah and a planned high-rise condominium project in North Bay Village with partner Prosper.
The timing of this expansion coincides with a cooling rental market across South Florida. After years of rapid growth during the pandemic period, median asking rents declined by 3.4 percent in December to $2,262 as reported by Realtor.com following an increase in available units and slower migration into the region.
Regency Parc & Residences would add to ongoing apartment construction activity near Miami International Airport and Blue Lagoon neighborhood where developers like Zom Living, Mill Creek Residential, and The Melo Group have already delivered thousands of new housing units over recent years. Despite slowing leasing activity throughout Miami-Dade County and surrounding areas, proximity to jobs and transportation continues to make this part of Miami attractive for mid-rise residential development.
