MG Developer has purchased property near a Metrorail station with plans to build 450 luxury rental apartments.
The new $204 million project will be known as Merrick Parc.
In addition to the apartment and amenity space, Merrick Parc will also include parking, retail space for shops and dining venues.
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 twin 20-story towers with 268 rental apartments, 32,200 square feet of office use, 6,342 square feet of ground floor retail space, and 288 parking spaces.
The new project will also have twin 20-story towers, this time designed by architect Behar & Font.
The Douglas Road Metrorail station is just a few minutes walk away, with thousands of residential units planned and under construction in close proximity, 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 finance the initial $24 million tranche with $13 million in equity financing. The initial land acquisition debt financing was provided by New York based firm, S3 Capital, and closed in late April of 2022.
The new design for Merrick Parc:
The old design for Merrick Towers on the same site, from last year: