Hotel refi boosts MG Developer’s multifamily project as it diversifies

Arilio Torrealba’s MG Developer wants to build apartments around its hotel near the Miami International Airport just as South Florida’s multifamily sector is cooling off.  Coral Gables-based MG plans to turn the 3.8-acre site of the Regency Miami Airport by Sonesta, at 1000 Northwest 42nd Avenue, into a mixed-use development. Miami’s Urban Development Review Board is expected to vote on the plans Wednesday. The firm is seeking approval for five- and six-story apartment buildings adjacent to the 176-room hotel, a site plan filed with the city of Miami shows.  Designed by Coral Gables-based Behar Font & Partners, Regency Parc & […]This article originally appeared on The Real Deal. Click here to read the full story.