Prosper Group has announced a partnership with Belgium-based Versluys Group to develop a $650 million luxury condominium tower on the Miami River in Brickell. The joint venture will build a 60-story, 158-unit branded high-rise at 99 Southwest Seventh Street, 66 Southwest Sixth Street, and 625 Southwest First Avenue. The building will feature over 300 feet of river frontage.
This project marks Versluys Group’s first development in the United States. According to COO Peter De Decker, “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. If we want to expand, we must look at other markets. We were looking at London, Singapore, Dubai.”
Jay Roberts, CEO of Prosper Group, noted that European investors are showing increased interest in South Florida real estate due to regulatory challenges at home. “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.”
The developers expect construction to take about 30 months with completion planned for 2028. The joint venture is under contract to acquire the site next spring for an undisclosed amount, with sales anticipated to launch in the third quarter.
Earlier this year, Prosper acquired part of the assemblage from Newgard Development Group and Two Roads Development, who are currently developing nearby projects such as Lofty Brickell and the Standard Residences.
The planned tower will include approximately 35,000 square feet dedicated to food and beverage retail space; however, the specific brand involved has not yet been disclosed.
Prosper’s current portfolio features more than 1,300 residential units either planned or under construction across Tampa and South Florida. In addition to this new venture with Versluys Group, Prosper recently submitted plans alongside Forte Development for an 80-story mixed-use condo tower at 1040 South Miami Avenue under Miami-Dade County’s rapid transit zoning program.
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