MG Developer Lists Hialeah Metro Station II Site as Suits Mount
Alirio Torrealba's MG Developer has listed its entitled Metro Station II site in Hialeah with Cushman & Wakefield, price undisclosed, as lender suits pile up.
Alirio Torrealba’s MG Developer has put its Metro Station II site in Hialeah on the market, shopping two adjacent lots entitled for 110 apartments through Cushman & Wakefield while lender lawsuits against the firm keep growing, The Real Deal reported Oct. 6. No asking price was disclosed.
The listing covers 2701 and 2765 E 11th Ave, next to MG’s nearly finished Metro Station I at 2691 E 11th Ave. It is a separate site from the Metro Parc South tower that lenders are trying to retake.
Why it matters
A developer with a pipeline of creditor suits is now selling land with approvals in hand, which is the cleanest asset to move quickly. The Real Deal reported the site is approved for an eight-story building with 23 studios, 64 one-bedrooms and 23 one-bedrooms with dens, in transit-oriented zoning near Tri-Rail and Metrorail.
It follows MG’s sale of its North Bay Village stake to Prosper, and fits the pattern we laid out in our six-lawsuit tally from August. Selling entitled dirt is one way to raise cash against obligations.
The numbers
Miami-Dade Property Appraiser records list Metro Station II PropCo LLC as owner of both folios, 04-3108-001-9890 and 04-3108-001-9840. The two lots total 24,873 square feet on the appraiser’s roll: 11,122 and 13,751. The 2701 parcel carries a 7,353-square-foot 1987 lumber-yard building, while 2765 is classified as vacant commercial land.
The 2026 assessed value is $1.19 million for 2701 and $1.38 million for 2765. The recorded history shows a chain of same-day deeds on Nov. 26, 2024. MBM Developments Group sold to Chalolee Investments for $4.55 million, then Chalolee conveyed to Metro Station II PropCo for $7 million in a deal the appraiser flags as between affiliated parties. The earlier sale was $1.275 million in 2017.
On the debt side, our tally stood at six suits and $14.2 million in claims on Aug. 26 and eight suits and $21.4 million by mid-September. The Real Deal said Torrealba has been hit with a string of lender suits in recent months.
What’s next
Watch for a pricing signal, whether from a broker call or a recorded deed. If the site trades near the $7 million recorded price, it would show how lenders and buyers value entitlements at transit-oriented sites in Hialeah.
Also track whether new suits or lis pendens name this parcel, since a lender claim on the land would complicate any sale. We will follow the filings across South Florida and update this story when a buyer or price surfaces.
On the record
What we checked ourselves, and where you can check it too.
- Public recordMiami-Dade Property Appraiser records show Metro Station II PropCo LLC took 2701 and 2765 E 11th Ave (folios 04-3108-001-9890 and 04-3108-001-9840) on Nov. 26, 2024 in an affiliated-party deed, with a recorded price of $7 million.View the record on miamidade.gov
- Public recordThe same records show the parcels moved from MBM Developments Group to Chalolee Investments for $4.55 million the same day, and that the pair sold for $1.275 million in 2017.View the record on miamidade.gov
- Our coverageMG Developer is now listing a second Hialeah site while the creditor-suit tally we tracked stood at six suits and $14.2 million on Aug. 26 and eight suits and $21.4 million by Sept. 16.Read our earlier story →