Baron Property Group has secured $30 million in financing for Merrick Parc, a major transit-oriented multifamily development planned near Miami’s Douglas Road Metrorail station, marking another step forward for the long-planned project.
The financing, provided by Knighthead Funding, LLC, will be used for land loan refinancing and pre-development activities tied to the two-tower development.
The project is also undergoing a shift in its development team. Baron Property Group will now partner with New York-based developer LargaVista Companies, creating an entirely New York-based development partnership behind the project.
The move follows changes in project ownership involving MG Developer, which had previously partnered with Baron Property Group. Baron later acquired MG Developer’s 50% ownership stake through a transaction whose financial terms were not disclosed. “We made a deal that made sense for both of us,” Matthew Baron, president of Baron Property Group, told The Real Deal.
Beyond refinancing the land position, the newly secured financing will help fund the project’s next phase, including demolition work and early site preparation. According to permits submitted to the City of Miami, multiple demolition applications have already been filed and are currently awaiting approval. Absolute Demolition is listed as the contractor for the work.
Project partners have also emphasized their long-term commitment to delivering the development rather than holding the site as a passive land investment. “With the support of Knighthead Funding and the addition of LargaVista as a partner, we are well positioned to advance pre-development efforts and move into the next phase of delivering a thoughtfully designed mixed-use project in one of Coral Gables’ most desirable locations,” Matthew Baron said in comments to Yield PRO.
Merrick Parc’s history stretches back several years. First unveiled in 2022, the development originally called for two 20-story towers containing roughly 450 residential units. Since then, plans have evolved considerably, with the project growing both in height and density.
Final approved plans published in late 2025 now envision an 806-unit rental development divided across two phases, corresponding with the project’s two towers.
Phase one, the south tower, is planned with 415 residential units, while phase two, the north tower, will contain 391 units. The development’s full unit mix includes 84 studios, 400 one-bedroom apartments, 293 two-bedroom apartments, and 29 three-bedroom residences. Most units will be offered at market rates, though 101 apartments will be designated at workforce housing pricing levels.
At ground level, plans call for approximately 16,750 square feet of retail space alongside 13,065 square feet of open space. Above that, a multi-story parking podium will provide 819 parking spaces.
Both towers are planned to rise 32 stories, reaching approximately 362 feet to the roofline. Architecturally, the project will feature blue floor-to-ceiling glass, blue glass balcony systems, and exterior materials composed primarily of white and gray stucco. Once completed, the towers will stand alongside other large-scale transit-oriented developments in the area, including Cascade Link at Douglas.
Although the project has now secured pre-development financing and advanced demolition permitting, groundbreaking does not appear imminent.
Additional filings, including site preparation, foundation, construction, and miscellaneous permits, still must be submitted before vertical development can begin. Even so, the latest financing package and permitting activity point to tangible momentum for a project that has been in the works for several years.