A local firm is partnering with luxury real estate developer Versluys Group to build a $650 million tower in the heart of Miami's riverfront in what marks the Belgian company's entrance to the U.S. market.
Plans for the joint venture with Miami-based Prosper Group call for 158 residences in a 60-story tower encompassing three parcels at 99 SW 7th St., 66 SW 6th St. and 625 SW 1st Ave. The property is expected to have 300 feet of waterfront access along the Miami River with completion scheduled for some time in 2028; details on unit sizes and pricing weren't disclosed.
Prosper Group acquired the land from Two Roads Development and Newgard Development Group in an off-market transaction earlier this year for an undisclosed sum. A few small, single-story retail buildings currently occupy the site. Two Roads Development and Newgard Development Group are building their own two-towered project next door.
Belgium-based Versluys Group, led by CEO Bart Versluys and Chief Operating Officer Peter De Decker, was selected as a partner for the project thanks to its "century" of experience that aligns with "Prosper’s forward-looking vision for Miami’s next great waterfront address,” said Jay Roberts, CEO of Prosper Group, in a press release from the joint venture. “By welcoming Versluys Group to the U.S., we’re helping define the next chapter of this global destination we know as the Magic City.”
Versluys Group was founded in 1908 and is known throughout Belgium and the Netherlands for its high-end coastal developments.
European companies have started to pay more attention to Miami as a gateway into North America, some developers have previously told CoStar News. In Miami's Wynwood arts district, Germany's Motel One is working on its first residential concept, the Cloud One Hotel and Residences.
The new collaboration with Prosper Group is a “defining chapter” for the Belgian company, De Decker said in the press release. “Having explored the Miami market, I’ve witnessed first-hand the extraordinary momentum and international energy that define this amazing city. Together, we’re uniting two worlds of craftsmanship and vision to create something truly remarkable.”
The tower is expected to rise along the Miami River, a 6-mile waterway that has seen a swathe of new development as the city's traditional oceanfront areas in Brickell, Edgewater and Miami Beach are built out. The location sits within walking distance of the open-air mall, Brickell City Centre, and the Underline linear park underneath the elevated Metrorail guideway.
Prosper Group's portfolio encompasses more than 1,300 residential units planned or under construction in Tampa and South Florida totaling over $2.6 billion, according to the release.