MG Developer, Prosper Plan North Bay Village Condos

Alirio Torrealba’s MG Developer and Prosper Group are planning a 30-story waterfront condo tower in North Bay Village.

MG and Prosper are proposing a 30-story, 147-unit tower at 1681 and 1725 North Bay Causeway, the 1-acre site they bought for $30.9 million last year. The partners filed an application with Miami-Dade County’s Shoreline Development Review Committee, the South Florida Business Journal reported.

Miami Beach-based Prosper is led by Jay Roberts. Roberts and Torrealba tapped Revuelta Architecture International to design the tower.

The project is slated to have 3,300 square feet of restaurant space, 6,400 square feet of offices and 12 guest rooms for condo owners. Units will range from 1,000 to 2,700 square feet, spanning one-, two- and three-bedroom floorplans. Four four-bedroom penthouses will span between 2,500 and 3,800 square feet, each with private pools.

The tower will also have a pool and an amenity deck.

North Bay Village emerged as a hotbed of condo development in recent years. Earlier this month, developer Vivian Dimond landed $67 million in construction financing for Tula Residences, a waterfront condo project that had previously stalled out under developer Pacific & Orient Properties.

Also in North Bay Village, Related Group and Macklowe Properties are planning a Ritz-Carlton-branded complex with two 43-story buildings with 364 condos. And Mikael Hamaoui’s Riviera Horizons is planning a 30-story, 70-unit Pagani-branded condo tower.

Torrealba, who started MG a decade ago, has a project pipeline of more than $500 million across South Florida. In July, he landed $39 million in construction financing for a 13-unit Coral Gables townhome development. In April, he scored a $105 million construction loan for a planned 10-story, 347-unit apartment building in Hialeah.

Earlier this year, Prosper’s Roberts partnered with Versluys Group on a planned $650 million luxury condo tower in Brickell. The 60-story, 158-unit project will have 300 feet of waterfront along the Miami River.–– Kate Hinsche