Alhambra Parc Coral Gables: Pre-Construction Buyer's Guide (2026)

Alhambra Parc is a nine-story, 78-residence Mediterranean Revival condominium at 33 Alhambra Circle in downtown Coral Gables. It is being co-developed by Coral Gables-based MG Developer and Miami-based Vertical Developments, with Bellin Pratt & Fuentes Architects as the design firm. Amenity spaces and interior architecture are being handled by Raymond Jimenez of Raymond Nicolas, confirmed for the project in September 2025.

Sales launched in February 2025 through ONE Sotheby's International Realty, with pricing starting around $1.1 million for one-bedroom homes. In June 2026, MG Developer and Vertical Developments secured a $100 million construction loan from Miami-based Benmark Capital, arranged by Berkadia. Delivery is targeted for 2028.

The building sits on floors two through nine above a ground-floor retail and dining podium of roughly 18,000 square feet, with an additional 13,000 square feet of office on the second level. Residences occupy the upper floors and the project enforces a strict one-lease-per-year rental policy that keeps the building oriented toward owners rather than short-term hospitality.

View the Alhambra Parc building page for floor plans, current pricing, and available units.

The Quick Take

Where is Alhambra Parc?

33 Alhambra Circle sits on Coral Gables' northside, in the wedge of the downtown core between Miracle Mile and the Granada Golf Course. Alhambra Circle is one of the historic named streets in George Merrick's original 1921 city plan, curving through the downtown district. The parcel is a short walk from:

• Miracle Mile -- the four-block Coral Way shopping and dining spine
• Giralda Plaza -- the pedestrianized dining block between Ponce de Leon and Galiano
• Granada Golf Course -- the 3,000-yard, nine-hole public course on land originally owned by the Merrick family, opened January 15, 1923
• Coral Gables Golf & Country Club at 990 Alhambra Circle -- built in 1922 as Coral Gables' first public building
• Books & Books on Aragon Avenue -- the anchor independent bookstore
• Actors' Playhouse at the Miracle Theatre
• Coral Gables Museum

Slightly further out:

• Venetian Pool (700 Toledo Street) -- the 820,000-gallon coral rock pool built into a limestone quarry in 1924, the only pool on the National Register of Historic Places
• The Biltmore Hotel -- Schultze and Weaver's 1926 landmark, the tallest building in Florida until 1928, with the largest hotel pool in the continental United States
• Shops at Merrick Park -- Neiman Marcus and Nordstrom-anchored open-air center
• University of Miami campus in adjacent South Coral Gables
• Miami International Airport -- 10-15 minutes by car
• Brickell and Downtown Miami -- 15-20 minutes northeast

Who's Behind Alhambra Parc?

Two co-developers:

MG Developer was founded in 2015 by Alirio Torrealba, a Venezuelan businessman who moved to Miami in 2013 after running an automotive group in Caracas. The firm is a subsidiary of MG Capital and has built its portfolio around a Mediterranean and Spanish Colonial design vocabulary in Coral Gables. MG Developer's completed and in-progress Coral Gables projects include:

• Biltmore Parc (32 units), Beatrice Row (9 units), Althea Row (5 units), and Biltmore Row (10 units) -- the Biltmore Square cluster on Anderson Road and Valencia Avenue
• The Village at Coral Gables -- 48 residences at 535 Santander Avenue (24 flats, 16 townhomes, 4 lofts, 4 villas)
• The George -- 13-unit townhome project in Coral Gables' Biltmore Square area

Alhambra Parc is MG Developer's tenth Coral Gables project.

Vertical Developments is led by Fernando de Nunez y Lugones, previously Executive Vice President of the Development Division at ONE Sotheby's International Realty (2015-2022), where he managed a portfolio of roughly 20 major projects. Vertical Developments is backed by VyV Grupo Inmobiliario, a Peruvian development group with more than 80 completed international projects.

Architecture and Design

Bellin Pratt & Fuentes Architects -- the Coral Gables-based firm -- is the design architect. The building is intentionally Mediterranean Revival: brown ceramic barrel-tile roofs, textured and smooth stucco walls, cast stone architectural elements, decorative cornices, and aluminum-bronze railings. Mashrabiya-style decorative panels and a glass entry canopy add the modern layer. The design draws from a 1930s historic home as its reference point, an intentional call to the George Merrick vocabulary that Coral Gables' zoning has protected since incorporation in 1925.

Residences occupy floors four through nine. Floors two and three are the office and back-of-house program; the ground floor is retail. The residential lobby is separated from the commercial entrances.

Raymond Jimenez of Raymond Nicolas handles the amenity spaces and interior architecture; interior finishes for the residences are being coordinated by Carlos Guevara.

Residences at Alhambra Parc

The verified spec:

• 78 residences on floors four through nine
• One-, two-, and three-bedroom floor plans
• ~858 to 2,801 square feet interior
• 10-foot ceilings
• Floor-to-ceiling impact glass
• Deep private terraces or balconies on every residence
• Wolf and Sub-Zero appliance suites
• Italian custom cabinetry with quartz countertops
• Porcelain tile flooring
• Grohe bathroom fixtures
• Freestanding soaking tubs and double vanities in primary baths
• Smart-home pre-wiring
• Select residences include a study or den

The rental policy is deliberately restrictive: one long-term lease per year. That keeps Alhambra Parc off the short-term-rental grid and closer to the owner-occupied residential character of the surrounding Coral Gables street.

MG Developer's Track Record in Coral Gables

MG Developer has moved through a decade of Coral Gables projects at a distinctive scale -- almost entirely boutique, townhome, or small-condo product with Mediterranean and Spanish Colonial detailing. The completed and in-progress list:

Alhambra Parc is the largest condo project in the MG portfolio to date and represents a scale step up from the townhome-and-boutique work that built the firm's Coral Gables reputation. The MG Foundation, launched in 2023, funds local arts, education, and medical-relief causes.

The Amenity Program

The amenities are organized on two rooftop decks plus a mid-building level:

Rooftop

• Two rooftop decks with panoramic Coral Gables views
• Rooftop resort pool with sun shelf and cabanas
• Rooftop spa

Paraiso Garden -- open-air amenity sanctuary

• Summer kitchens
• Hanging lounge chairs
• Outdoor yoga garden built around a Spanish-style fountain

Family and wellness

• Children's outdoor play area and splash zone
• Technogym fitness center
• Library bar and residents' social lounge
• Co-working business center with private meeting rooms

Service

• 24/7 concierge and front desk
• Valet parking for residents and guests
• Ground-level private park for pets
• Amazon package storage

The retail and office podium below the residences is programmed for walk-up access from Alhambra Circle and is expected to include restaurant, retail, and gallery tenants.

How Alhambra Parc Compares to Other Coral Gables Trophy Condos

Coral Gables has a small but growing pipeline of new-construction boutique condo product. Alhambra Parc slots into the boutique-Mediterranean tier:

Notes:

• Alhambra Parc is one of the few larger Mediterranean Revival condo projects delivering under Coral Gables' current zoning discipline. Most of the pipeline in the last five years has trended contemporary.
• Rental policy is a differentiator. One lease per year is significantly stricter than Merrick Manor and closer to the character of a co-op than a Miami condo.
• Price per foot trends near the middle of the Coral Gables new-construction band. Boutique buildings like Ponce Park price higher on average per foot; Merrick Manor prices lower.

The Neighborhood

Coral Gables is a 37-square-mile municipality designed almost from scratch by George Merrick in the early 1920s as an American "City Beautiful." Merrick's plan -- executed with landscape architect Frank Button and multiple architects including Denman Fink -- included named streets, plazas, entrances, fountains, and consistent Mediterranean Revival architecture. Almost 50,000 people live in the city today.

Within a short walk of Alhambra Circle:

Historic landmarks

• The Biltmore Hotel (1926) -- Schultze and Weaver's palace of stucco, mahogany, and marble
• Venetian Pool (1924) -- the coral rock lagoon on the National Register
• Coral Gables Golf & Country Club (1922) -- the first public building in the city
• Coral Gables Museum

Retail and dining

• Miracle Mile -- Coral Way between Douglas and LeJeune
• Giralda Plaza -- the pedestrian dining block
• Books & Books on Aragon
• Shops at Merrick Park -- Neiman Marcus, Nordstrom, and 100+ boutiques
• Restaurants including Threefold Cafe, Fiola, Fritz & Franz Bierhaus, and the historic Titanic Restaurant

Culture

• Actors' Playhouse at the Miracle Theatre
• Coral Gables Art Cinema
• Museum on the Coral Way

Education

• University of Miami -- flagship campus in South Coral Gables
• Ransom Everglades, Gulliver Prep, Carrollton School of the Sacred Heart -- top private schools in adjacent neighborhoods

Miami International Airport is roughly 10-15 minutes by car; Brickell and Downtown Miami are 15-20 minutes; South Beach is 25-30 minutes.

Buyer Fit

Alhambra Parc fits:

• Buyers who specifically want Coral Gables' zoning discipline and Mediterranean Revival vocabulary -- not a generic Miami tower
• Long-term primary residents and owners committed to one lease per year
• Downsizers moving from single-family Coral Gables homes
• International buyers -- Latin American, particularly -- who already know MG Developer's Coral Gables portfolio
• Buyers who want ground-floor retail walkability without waterfront exposure

Probably not a fit:

• Short-term-rental investors (policy is one-lease-per-year)
• Waterfront-only buyers -- this is inland Coral Gables, not the bayfront strip
• Buyers looking for contemporary glass-and-steel design language

FAQ

Where is Alhambra Parc located?

At 33 Alhambra Circle, in downtown Coral Gables -- on the northside of the downtown core, a short walk from Miracle Mile and the Granada Golf Course.

Who is the developer of Alhambra Parc?

Co-developed by MG Developer (founded 2015 by Alirio Torrealba, Coral Gables-based) and Vertical Developments (led by Fernando de Nunez y Lugones, backed by Peru's VyV Grupo Inmobiliario).

Who designed Alhambra Parc?

Bellin Pratt & Fuentes Architects designed the building in Mediterranean Revival style. Raymond Jimenez of Raymond Nicolas is handling the amenity spaces and interior architecture.

How many residences are at Alhambra Parc?

78 residences on floors four through nine, with one- to three-bedroom floor plans ranging from roughly 858 to 2,801 square feet.

What is the pricing at Alhambra Parc?

Pricing starts around $1.1 million for one-bedroom homes. Sales launched in February 2025 through ONE Sotheby's International Realty.

When will Alhambra Parc be delivered?

Delivery is targeted for 2028. MG Developer and Vertical Developments secured a $100 million construction loan in June 2026 to fund the build.

What is the rental policy at Alhambra Parc?

One long-term lease per year per residence. The building is oriented toward owners and long-term residents rather than short-term rental operators.

What amenities does Alhambra Parc include?

Two rooftop decks with a resort pool and cabanas, rooftop spa, the Paraiso Garden open-air amenity with summer kitchens and hanging lounge chairs, outdoor yoga garden, children's splash zone, Technogym fitness center, library bar, co-working business center, 24/7 concierge, and valet parking.

Bottom Line

Alhambra Parc is a Mediterranean Revival, mixed-use, owner-oriented condo in the historic core of Coral Gables -- the largest MG Developer condo project to date, and one of a small number of new-construction buildings actually delivering under Coral Gables' zoning discipline. Sales launched in February 2025 from $1.1M, the $100M construction loan closed in June 2026, and delivery is targeted for 2028. For buyers who want the George Merrick vocabulary in a new build, this is one of the few credible options actually on the board.

Want a Data-Driven Read on Alhambra Parc?

If you're evaluating a pre-construction reservation -- pricing, floor selection, deposit schedule, or comp analysis against Ponce Park, The Village at Coral Gables, or Merrick Manor -- reach out to Kyle Benjamin, REHub Miami.

View the Alhambra Parc building page | Browse Miami pre-construction condos | Contact us

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Disclaimer: This article is for general informational purposes. Pre-construction pricing, floor plans, finish packages, amenity specifications, and delivery timelines can change between launch and completion. Always verify details directly with the official sales team and developer materials before making any reservation or purchase decision.