MG Developer Buys Coral Gables Dev Site From Hollo Family
By Julia Echikson June 27, 2022 3:28 pm
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Months after making a killing in Brickell, the Hollo family sold a development site in Coral Gables for $19.3 million, property records show.
Located at 42 Navarre Avenue, the 1.1-acre site spans the entire block between Galiano Street and Alhambra Circle, just half a mile north of Coral Way in the swanky Miami suburb.
The Hollo family, which runs the Miami-based Florida East Coast Realty (FECR) development firm, bought the parcel out of foreclosure for $300,000 a decade ago, according to records.
The parcel contains six residential buildings constructed between 1927 and 1960, all of which are multifamily buildings, except for one single-family home. FECR had proposed a 10-story mixed-use property called 33 Alhambra, which never got underway. The site is zoned for six-story developments.
The buyer, MG Developer, nabbed a $13.5 million mortgage from Knighthead Funding. Jeffrey Donnelly and Dmitry Levkov of Colliers International arranged the financing.
MG, in partnership with Peruvian developer VYV, plans to develop a mixed-use community named Alhambra Parc, with 33 apartments and retail on the ground floor, said a spokesperson for MG.
The sale comes three months after FECR sold a waterfront parcel in Brickell for $363 million, making it one of Miami’s most expensive land trades. The firm paid a mere $15.5 million in 2000 for the 2.5-site parcel.
MG, which is based in Coral Gables, has been active in its backyard.
MG’s Biltmore Row, a townhomes development — already 80 percent sold, per the developer — is set for completion this summer. The company is also developing a pair of luxury residential high-rises dubbed Merrick Parc that’s estimated to cost $204 million.
Julia Echikson can be reached at jechikson@commercialobserver.com.
