Prosper in contract to buy dev sites in Brickell, North Bay Village for $70M

Prosper Group, a development firm led by Jay Roberts, is in contract to acquire two sites in Miami-Dade County where the company plans luxury condo towers, The Real Deal has learned.

Prosper inked contracts for a Brickell development site at 1040 South Miami Avenue in Miami for $40 million, and the assemblage at 1681 and 1725 Kennedy Causeway in North Bay Village for $30.5 million, Roberts said. 

The projects will mark the first developments in South Florida for Miami Beach-based Prosper. The firm is co-developing a $600 million condo-hotel in Tampa called Ora Hotel and Residences. 

The Brickell property was previously slated to become a Virgin Hotel with a co-living component, developed by Richard Branson’s Virgin Hotels and Blue Jay Capital, and was set to be completed last year. Those plans fell through. Roberts said he signed the contract for the 0.6-acre property in June, and he’s expecting to close on the purchase in the first half of 2026. 

Property records show FX South Miami LLC owns the site. Jeffrey Rodriguez with the law firm Adams Gallinar is representing the seller, along with Coldwell Banker real estate agent Evon Gordon. Jonathan Cohen of Siegfried Rivera is representing Prosper in the deal. 

Roberts said he plans to partner with a local condo developer to build the project, which will likely be a condo-hotel with up to 300 residential units.

“The vision is to build the healthiest building in Miami,” he said. 

The site is part of a proposed expansion of Miami-Dade County’s rapid transit zone, which could provide for additional residential density. 

In North Bay Village, Prosper is under contract to buy the adjacent properties immediately west of the site of Ian Bruce Eichner’s planned Continuum Club at North Bay Village, and the Shuckers site, which Eichner’s firm recently acquired and plans to redevelop. 

Prosper is set to close on the adjacent sites later this year, Roberts said. He is working with developer John Jacobson. Jacobson co-developed the Six Senses resort in Ibiza with architect and developer Jonathan Leitersdorf. 

The North Bay Village assemblage will be developed into a luxury condo tower with up to 147 units, Roberts said. Presales could launch in the first half of next year. The building would include a waterfront restaurant. 

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Property records show 1681 North Bay Village LLC, led by Tharani Haresh, is selling one site, and 1725 Kennedy Causeway Owner LLC is selling the other. Compass agents Andy Daro and Troy Gordon are representing Prosper in the acquisitions. 

North Bay Village is in the midst of a development boom. 

In addition to Eichner’s planned projects, Mikael Hamaoui’s Riviera Horizons plans a Pagani-branded condo building. Related Group and Macklowe Properties have been assembling land for a phased luxury condo development, and the Ansin family’s Sunbeam Properties plans a major mixed-use development north and south of the 79th Street Causeway, which bisects the town.