M
G Developer and Prosper Group have acquired a 1-acre waterfront site in North Bay Village for $30.9 million, with plans to build a luxury condo tower. The project, led by Jay Roberts' Prosper Group and Alirio Torrealba's MG Developer, will feature a 340-foot building with 147 units, ranging from one to three bedrooms, along with retail spaces and a waterfront restaurant. Construction is expected to begin in 2027 and be completed in 2029.

    The site, located at 1681 North Bay Causeway and 1725 79th Street Causeway, was sold by 1681 North Bay Village LLC and 1725 Kennedy Causeway Owner LLC, represented by Compass agents Andy Daro and Troy Gordon. This is Prosper Group's first South Florida project, with a second site in Brickell also planned.

    MG Developer has a portfolio of projects across Miami-Dade County, including Coral Gables and Hialeah. The North Bay Village property is adjacent to Ian Bruce Eichner's Continuum Club at North Bay Village, which recently acquired the Shuckers Waterfront Bar & Grill for $75 million. North Bay Village is experiencing a surge in new development, with several projects in various stages of planning and construction, including Sunbeam Properties' mixed-use development and Riviera Horizons' Pagani-branded condo building.