Speaker Spotlight with MG Developer’s Diego Torrealba

Diego Torrealba, executive vice president at MG Developer, was featured at Commercial Observer’s South Florida Multifamily and Mixed Use Forum on April 3rd. CO caught up with Diego about the ways they are driving Miami and Coral Gables’ growth through transit-oriented and wellness-focused residential projects.

MG Developer is a residential property development company headquartered in Coral Gables, Fla. The company is dedicated to creating multifamily rental units and upscale residential buildings in the Miami, Coral Gables and Hialeah regions.

Commercial Observer: What are top the priorities or challenges in sustaining the rapid growth that Miami and the entire South Florida region have experienced in recent years? Are there any unique opportunities that this presents?

Diego Torrealba: Like many major American cities, Miami’s positive momentum has brought forth new challenges and opportunities to address. The fact that Miami is now included in these conversations shows how far the city has come in becoming a true global destination, attracting high-quality businesses and an influx of capital that will sustain the South Florida market.

Looking at the current cycle, this momentum will only continue. However, as more residents call Miami home, we have identified an opportunity to adapt our product offerings, emphasizing quality of life and proximity to multimodal transit. Our latest

project, Metro Parc, is a Class A community in Hialeah purposely situated near Miami Dade’s Metrorail and the Tri-Rail, connecting residents across South Florida. This type of development brings immediate solutions to reduce congestion while delivering much-needed apartment supply in the market.

You’ve announced exciting projects coming up, including the Village at Coral Gables and Alhambra Parc. Where are you seeing the most opportunity as far as being able to tap into the dynamism of Coral Gables and nearby cities or neighborhoods?

Coral Gables has truly become the crown jewel of South Florida with its self-sustaining qualities and character. Over the past few years, the city has become a focal point for business relocations and expansion. This trend, coupled with a variety of residential product offerings for various price points, provided an opportunity to deliver new projects like The Village and Alhambra Parc that fit within the city’s signature aesthetic.

Moving forward, we only expect to see the city’s influence grow as a place to start or expand a business, relocate to South Florida, and enjoy world-class retail, dining, and recreational activities that few, if any, other submarkets can offer.

Leaders such as MG Developer are pushing the envelope when it comes to leveraging real estate to create memorable experiences. How will the Village at Coral Gables provide a unique experience for residents and their guests through its emphasis on wellness? What other distinct features are you focused on that transcend traditional experiences for residents?

As we celebrate our 10th anniversary this year, which coincides with the 100th anniversary of the city of Coral Gables, we wanted to create something memorable that goes beyond the delivery of new residences. The Village at Coral Gables is really a continuation of the vision of the city’s founder, George Merrick, who established a vision of themed villages throughout the community.

Today, as the city’s most active developer, having launched our 10th project with Alhambra Parc earlier this year, we wanted to emphasize the development of residences and true communities. To do this, MG Developer donated $2 million to the Baptist Health Foundation in support of Baptist Health Doctors Hospital in Coral Gables. Through this donation, residents at The Village will be recognized as members of Baptist Health’s “Giving Society,” a distinguished group of individuals taking a conscious approach to community philanthropy that elevates the local standard of living while supporting nearby institutions delivering quality health care.