Prosper Group and Versluys Group have closed on a three-parcel waterfront assemblage in Brickell for $50 million, advancing plans for a proposed 60-story luxury residential tower along the Miami River. The approximately one-acre assemblage, w which includes 66 SW 6th Street, 625 SW 1st Avenue, and a riverfront parcel that was previous part of 99 SW 7th Street that has yet to be assigned an address, was acquired from Two Roads Development and Newgard Development Group. Miami-based Vaster provided a $30.5 million acquisition loan for the transaction.
The acquisition advances the joint venture’s previously announced plans for a $650 million ultra-luxury residential development. The proposed tower is expected to rise 60 stories and contain 181 residences, occupying one of the remaining waterfront development sites along the Miami River in Brickell. Plans also call for more than 300 feet of direct river frontage.
Credit: Prosper Group and Versluys Group
The site sits immediately west of Brickell’s urban core, with frontage along the Miami River and convenient access to Brickell City Centre, Interstate 95, Miami International Airport, and Brightline. The waterfront location will also provide direct access to Biscayne Bay and Miami’s boating network.
“We are one step closer to bringing our vision for this development to fruition,” said Jay Roberts, CEO of Prosper Group.
“With their deep local roots in Miami and exceptional agility, Vaster proved to be the ideal partner, ensuring a completely seamless execution for this transaction. Prosper Group and Versluys Group look forward to unveiling more about our project on one of the last waterfront sites in Brickell, Miami’s financial district and urban core.”
“This closing marks a defining milestone for Versluys Group as we bring our European heritage of craftsmanship to Miami’s waterfront,” said Bart Versluys, CEO of Versluys Group.
“For over a century, we have shaped the Belgian and Dutch coastline with architecture built for generations and we bring that same discipline to the Miami River. Alongside Prosper Group, we will craft world-class residences that embody a unique combination of American ambition and vision with European finesse and style.”
The Brickell riverfront tower is part of Prosper Group’s expanding development pipeline across South Florida and Tampa. The firm’s portfolio also includes a proposed mixed-use tower on South Miami Avenue in Brickell, an upcoming waterfront development in North Bay Village, and Hotel ORA + Private Residences in Tampa.
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Yet another “luxury” tower…