450-unit luxury apartment project planned in Coral Gables, close to metro – The Next Miami
MG Developer has purchased a property near a metro station with the intention of building 450 luxury rental apartments.
The new $204 million project will be known as Merrick Park.
In addition to the apartment and amenity space, Merrick Parc will also include parking, retail space for shops and restaurants.
Last year, a project called Merrick Towers was submitted to the UDRB for review for the same site, designed by Atelier305. It was proposed to include 20-story twin towers with 268 rental apartments, 32,200 square feet of office space, 6,342 square feet of ground floor retail space and 288 parking spaces.
The new project will also include 20-story twin towers, this time designed by architect Behar & Font.
The Douglas Road Metrorail station is a short walk away, with thousands of residential units planned and under construction nearby, including the tallest towers south of Brickell.
MG Developer partnered with New York’s The Baron Property Group to develop Merrick Parc and Colliers International to fund the initial $24 million tranche with $13 million in equity financing. Initial debt financing for the land acquisition was provided by New York firm S3 Capital and closed in late April 2022.
The new design of Merrick Parc:
The old design of Merrick Towers on the same site, from last year: