Alhambra Parc: 74 Condos in Downtown Coral Gables
Alhambra Parc is one of the few boutique new-condo projects I point Coral Gables buyers to right now, because it sits in the walkable downtown rather than out near the edges. MG Developer, led by Alirio Torrealba, is building it with partner Vertical Developments at 33 Alhambra Circle, near Miracle Mile. According to The Real Deal, the 8-story building holds 74 condominiums priced from $1.1 million, plus 18,000 square feet of retail and nearly 14,000 square feet of offices. A $100 million construction loan from Benmark Capital closed in June 2026, and construction is expected to start this fall. This is a smaller mixed-use project, not a luxury Miami tower, which is my core focus, but it is a meaningful Coral Gables addition and I track it so my clients see what is coming downtown. For buyer-side guidance here or anywhere in South Florida, I am the contact, never the listing side.
An 8-story mixed-use building at 33 Alhambra Circle with 74 condos from $1.1M, 18,000 sq ft of retail, and nearly 14,000 sq ft of offices, by MG Developer and Vertical Developments. A $100M construction loan closed June 2026, with construction starting this fall.
A Boutique Mixed-Use Building on Alhambra Circle
"Alhambra Parc is the kind of Coral Gables project I like for buyers who want walkability over square footage. It is small, only 74 homes, and it sits right in the downtown grid near Miracle Mile, not on the edge of the city. When a developer with this much local track record closes a $100 million construction loan, it tells you the project is real and moving, and that is worth tracking for anyone watching the Gables."Gerardo Gonzalez, Licensed Real Estate Agent at Compass
Alhambra Parc is rising at 33 Alhambra Circle in downtown Coral Gables, near Miracle Mile. According to The Real Deal, MG Developer and Vertical Developments closed a $100 million construction loan from Miami-based Benmark Capital in June 2026, with construction expected to start in the fall. The three-year loan, arranged by Berkadia, follows a $14.5 million preconstruction loan the team secured in October 2023, so this project has been in the works for several years before reaching a vertical start.
The building is genuinely mixed-use on a compact 1.1-acre site. Plans call for 74 condominiums, 18,000 square feet of retail, and nearly 14,000 square feet of offices. The residential portion runs about 122,000 square feet, with one- to three-bedroom layouts plus penthouses. For a downtown Coral Gables address, the program is built to put homes, shops, and workspace in one walkable block rather than a single-use tower.
Amenities are aimed at full-time residents. The developer's plans include rooftop decks, a resort-style pool and spa, fitness and wellness facilities, coworking space, a residents' lounge, and concierge services. The interiors are by designer Carlos Guevara, with amenity spaces by Ray Jimenez, and the building was designed by Bellin Pratt & Fuentes Architects. The result is a boutique condo with a hospitality-style amenity set rather than a stripped-down mid-rise.
Location is the core of the pitch. Alhambra Circle puts residents steps from Miracle Mile's restaurants and retail, minutes from the Biltmore Hotel and the University of Miami, and a short drive from Miami International Airport and US-1. Coral Gables has historically been a tightly controlled, low-density city, which makes new for-sale condo product in the downtown core relatively scarce, and part of why a developer like MG Developer, on its tenth Gables project, keeps building here.
Sales launched in 2025 with prices from $1.1 million, and the June 2026 loan closing moves the project toward construction. A firm delivery date was not public at the loan closing. This is not a luxury Miami pre-construction tower, which is my core focus, but it is a real Coral Gables addition, and I keep it on my radar for clients who want to understand the downtown Gables market. If you want to see how Alhambra Parc fits a buying plan anywhere in South Florida, call me at 305-964-8614 or visit the contact page.
Alhambra Parc: Official Renderings
Official renderings of the building, residences, and amenity spaces. Rendering courtesy of MG Developer and Vertical Developments.
What Alhambra Parc Includes
A mixed-use building on 1.1 acres in downtown Coral Gables. Figures below are from The Real Deal and the developer, reported June 2026.
- Total Units74
- Layouts1-3 BR + penthouses
- Residential AreaAbout 122,000 sq ft
- Starting PriceFrom $1.1M
- Retail18,000 sq ft
- OfficeAbout 14,000 sq ft
- SettingNear Miracle Mile
- Stories8
- Pool & SpaResort-style
- WellnessFitness facilities
- WorkCoworking space
- ServiceConcierge + lounge
Program figures are from The Real Deal (June 5, 2026) and the Alhambra Parc developer site. Unit-level pricing, floor plans, and a construction timeline are released by the developer and are subject to change. Contact us for the latest.
33 Alhambra Circle: Around Coral Gables
Alhambra Parc sits in downtown Coral Gables on Alhambra Circle, near Miracle Mile and the city's dining and office district. Drive times below are approximate.
| Miracle Mile | 3 min |
| The Biltmore Hotel | 6 min |
| University of Miami | 8 min |
| Coconut Grove | 12 min |
| Brickell | 15 min |
| Miami International Airport | 15 min |
| Downtown Miami | 18 min |
| Miami Beach | 25 min |
Drive times are estimates and vary with traffic. For a full read on the area, contact Gerardo Gonzalez.
MG Developer, Vertical & Bellin Pratt
Led by Alirio Torrealba, MG Developer is one of Coral Gables' most active luxury residential developers. Alhambra Parc is the firm's tenth project in the city, alongside Biltmore Row, Beatrice Row, and The Village at Coral Gables.
Led by Fernando de Nuñez y Lugones, Vertical Developments partnered with MG Developer to deliver Alhambra Parc. The team closed a $100 million construction loan from Benmark Capital in June 2026.
Bellin Pratt & Fuentes Architects designed Alhambra Parc, with interiors by Carlos Guevara and amenity spaces by Ray Jimenez. The team shaped the building's residences, retail, and rooftop amenity program.
Construction Progress: $100M Loan Closed
As of June 2026, MG Developer and Vertical Developments closed a $100 million construction loan from Benmark Capital, with construction expected to start this fall. Source: The Real Deal, June 5, 2026.
Alhambra Parc: Frequently Asked Questions
Alhambra Parc sits outside my core luxury Miami focus, but I follow the projects shaping each submarket. If you want a read on downtown Coral Gables, or you are buying or selling anywhere in South Florida, I will give you a straight, independent answer.