MG Developer teamed up with Prosper Group to acquire a waterfront condo development site in North Bay Village for $30.9 million, The Real Deal has learned.
Miami Beach-based Prosper, a development firm led by Jay Roberts, has been in contract to buy the 1-acre assemblage at 1681 North Bay Causeway and 1725 79th Street Causeway. Coral Gables-based MG Developer, led by CEO Alirio Torrealba, is partnering with the firm.
The deal closed on Wednesday, according to the developers. They plan to build a 340-foot, 147-unit luxury condo tower with retail spaces and a waterfront restaurant. The units will range from one to three bedrooms.
The project is in the planning stages. Construction could begin in 2027 and be completed in 2029, according to a release.
Property records show 1681 North Bay Village LLC, led by Tharani Haresh, and 1725 Kennedy Causeway Owner LLC sold the North Bay Village development site. Compass agents Andy Daro and Troy Gordon represented the buyer.
The assemblage is one of two development sites that Prosper planned to acquire for its first South Florida projects. The other property is in Brickell. Prosper is co-developing a $600 million condo-hotel in Tampa called Ora Hotel and Residences with ARC Realty Group and Sunwest Construction.
MG Developer has projects in Coral Gables, Miami, Princeton and Hialeah. The firm recently launched sales of the final phase of its Biltmore Square development in Coral Gables, called The George.
The North Bay Village property is immediately west of the site of Ian Bruce Eichner’s planned Continuum Club at North Bay Village, and the Shuckers site. In June, Continuum Company paid $75 million for the Shuckers Waterfront Bar & Grill property and the adjacent Best Western.
North Bay Village is experiencing a wave of new development. The largest project in the pipeline is the phased mixed-use development north and south of the 79th Street Causeway, which bisects the town. The Ansin family’s Sunbeam Properties plans that project.
Last month, Sunbeam paid $8 million to complete a bulk purchase of an aging condo complex, which could be used for a commercial component of the project, including retail or office, Andy Ansin said at the time.
Mikael Hamaoui’s Riviera Horizons is also working on a Pagani-branded condo building. Also, Related Group and Macklowe Properties have been assembling land for a phased luxury condo development, and Shoma Group, led by Masoud and Stephanie Shojaee, is building a 19-story, mixed-use condo tower called Shoma Bay.
Read more
Development
South Florida
Related, Macklowe buy more units at North Bay Village condo deemed unsafe
Development
South Florida
Construction halted at Malaysian developer’s North Bay Village condo tower
Development
South Florida
Here’s North Bay Village’s pipeline of development