Prosper Group is partnering with a Belgian developer on a planned $650 million luxury condo tower along the Miami River in Brickell, The Real Deal has learned.
Versluys Group, led by CEO Bart Versluys and COO Peter De Decker, is a joint venture partner with Miami Beach-based Prosper Group, led by Jay Roberts, on the development of the waterfront assemblage at 99 Southwest Seventh Street, 66 Southwest Sixth Street and 625 Southwest First Avenue in Miami, the partners said.
The partners plan a 60-story, 158-unit branded high-rise with more than 300 feet of river frontage. The project will mark Versluys’ first U.S. development, De Decker said. Construction will take about 30 months and the building is expected to be completed in 2028, according to a press release.
The joint venture is under contract to acquire the development site next spring for an undisclosed price, Roberts said. Sales are expected to launch in the third quarter. Roberts said he was introduced to Versluys through a mutual connection.
“I’ve seen a lot of appetite from European investors, and capital looking for opportunities outside of Europe and into South Florida,” Roberts said. “Regulations in Europe are hurting development and growth.”
De Decker said the firm has always been interested in investing in Miami.
“We’re in the high-end residential market in Belgium, Holland. We have a lot of deals in the top 1 percent of the market,” De Decker said. “If we want to expand, we must look at other markets. We were looking at London, Singapore, Dubai.”
Earlier this year, Harvey Hernandez’s Newgard Development Group and Two Roads Development inked a contract to sell a portion of the site to Prosper. It was part of the developers’ three-tower assemblage site, where they are currently building Lofty Brickell and the Standard Residences.
Developers have been increasingly joint venturing on new high-rise projects, driven by rising costs.
The Prosper-Versluys project is expected to include about 35,000 square feet of food and beverage retail space. The developers declined to name the brand, but plan to announce that at a later date.
Prosper’s portfolio includes more than 1,300 residential units planned or under construction in Tampa and South Florida, according to the release.
Earlier this year, Prosper and its partner Forte Development submitted plans for an 80-story mixed-use condo tower also in Brickell, at 1040 South Miami Avenue. Their application was filed under Miami-Dade County’s rapid transit zoning, which can provide developers with additional density. The site is about a block away from the Brickell Metromover station.
Read more
Development
South Florida
Harvey Hernandez, Two Roads selling piece of Miami River dev site
Development
South Florida
Prosper, Forte submit plans for 80-story mixed-use Brickell condo tower
