July 03, 2024
Prosper Group Development in South Florida: Brickell and North Bay Village Acquisitions
Prosper Group, led by Jay Roberts, is set to acquire two prime development sites in South Florida. These acquisitions mark the firm’s entry into the region with plans for luxury condo towers.
Summary of Key Points:
- Acquisition Details: Prosper Group has inked contracts to buy a site at 1040 South Miami Avenue in Brickell for $40 million and an assemblage at 1681 and 1725 Kennedy Causeway in North Bay Village for $30.5 million.
- First South Florida Projects: These acquisitions will be Prosper Group’s first developments in South Florida. The company is also co-developing a $600 million condo-hotel in Tampa called Ora Hotel and Residences.
- Brickell Site Plans: The Brickell property was previously intended for a Virgin Hotel with a co-living component. Prosper plans to partner with a local condo developer to create a condo-hotel with up to 300 residential units. The site could benefit from Miami-Dade County’s rapid transit zone expansion, allowing for higher residential density.
- North Bay Village Site Plans: In North Bay Village, Prosper plans to develop a luxury condo tower with up to 147 units and a waterfront restaurant. Presales for the units are expected to launch in the first half of next year. This site is adjacent to the planned Continuum Club and the Shuckers site, recently acquired by Ian Bruce Eichner’s firm.
- Development Boom in North Bay Village: North Bay Village is experiencing a development boom with several high-profile projects. These include Eichner’s planned developments, Mikael Hamaoui’s Pagani-branded condo building, and Related Group and Macklowe Properties’ phased luxury condo development.
- Additional Information: The Brickell site is currently owned by FX South Miami LLC, and the sellers of the North Bay Village properties are 1681 North Bay Village LLC and 1725 Kennedy Causeway Owner LLC. The acquisitions are expected to close later this year.
Prosper Group’s planned acquisitions in Brickell and North Bay Village mark a significant expansion into the South Florida real estate market. With plans for luxury condo developments and involvement in the ongoing development boom, Prosper is set to become a major player in the region.
Source: Katherine Kallergis, The Real Deal.
