MG Developer and Vertical Developments are targeting a fall 2026 groundbreaking for Alhambra Parc, an eight-story, 74-residence luxury condominium at 33 Alhambra Circle in downtown Coral Gables — marking the first major new-construction condo project in the historic downtown core in several years, with delivery expected in 2028.

What is Alhambra Parc and what will it include?

Alhambra Parc is a mixed-use luxury condominium development at 33 Alhambra Circle, Coral Gables, combining 74 residential units with nearly 18,000 square feet of retail space and 13,000 square feet of office space across eight stories. The project represents the largest condominium development MG Developer has undertaken to date and marks the firm's tenth project within Coral Gables.

  • Nearly 18,000 square feet of ground-floor and street-level retail space planned
  • 13,000 square feet of office space included in the mixed-use program
  • Delivery targeted for 2028, roughly two years after the planned groundbreaking

How did Alhambra Parc secure its construction financing?

MG Developer secured a $100 million construction loan from Miami-based Benmark Capital in June 2026, with the financing arranged by real estate capital markets firm Berkadia. The loan clears the last major financial hurdle before construction can begin, enabling the developers to move toward a fall 2026 groundbreaking on schedule.

  • $100 million loan closed in June 2026, arranged through Berkadia
  • Benmark Capital, headquartered in Miami, served as the lending institution
  • Berkadia structured and arranged the deal on behalf of the development team

Why does this project matter for Coral Gables' downtown?

Alhambra Parc is the first significant new-construction condominium to advance to the groundbreaking stage in Coral Gables' historic downtown core in several years, signaling renewed developer confidence in a neighborhood that has long prioritized architectural preservation over density. For MG Developer, the project is a milestone — both as the firm's tenth Coral Gables development and its largest condo project to date — underscoring the company's deep investment in the city.

  • Coral Gables' historic zoning and design review standards have historically limited large new-construction condo pipelines in the downtown core
  • MG Developer has now developed ten projects within Coral Gables, making the firm one of the most active residential developers in the city
  • The mixed-use retail and office component may help activate street-level pedestrian life along Alhambra Circle

What should Coral Gables residents expect next?

With financing secured and a groundbreaking targeted for fall 2026, residents should expect construction activity at 33 Alhambra Circle to begin before the end of the calendar year. The development team has set a 2028 delivery target, suggesting a construction timeline of roughly 18 to 24 months once work begins.

Original reporting on the project's financing and timeline was first published by Arbor Coconut Grove / South Florida Pre-Construction Monthly.