Prosper Group has announced a partnership with Belgian developer Versluys Group to develop a $650 million luxury condominium tower along the Miami River in Brickell. The project will be located at 99 Southwest Seventh Street, 66 Southwest Sixth Street, and 625 Southwest First Avenue in Miami.
The development will feature a 60-story branded high-rise with 158 units and over 300 feet of river frontage. According to Peter De Decker, COO of Versluys Group, this marks the company’s first development in the United States. Construction is projected to take about 30 months, with completion expected in 2028.
The joint venture is currently under contract to acquire the site next spring for an undisclosed price. Sales are anticipated to begin in the third quarter. Jay Roberts, CEO of Prosper Group, said he was introduced to Versluys through a mutual connection.
“I’ve seen a lot of appetite from European investors, and capital looking for opportunities outside of Europe and into South Florida,” Roberts said. “Regulations in Europe are hurting development and growth.”
De Decker commented on the company’s expansion plans: “We’re in the high-end residential market in Belgium, Holland. We have a lot of deals in the top 1 percent of the market,” he said. “If we want to expand, we must look at other markets. We were looking at London, Singapore, Dubai.”
Earlier this year, Newgard Development Group and Two Roads Development agreed to sell part of their three-tower assemblage site—where Lofty Brickell and the Standard Residences are being built—to Prosper.
Joint ventures have become more common among developers working on new high-rise projects due to rising costs.
The planned building will include approximately 35,000 square feet dedicated to food and beverage retail space. The brand associated with this space has not yet been disclosed but will be announced later.
Prosper’s portfolio includes more than 1,300 residential units either planned or under construction across Tampa and South Florida.
Additionally, earlier this year Prosper partnered with Forte Development to submit plans for an 80-story mixed-use condo tower at 1040 South Miami Avenue in Brickell. That application was filed under Miami-Dade County’s rapid transit zoning rules that can allow for increased density near transit stations such as the nearby Brickell Metromover station.
