Prosper Group and Versluys Group have acquired a development plot in Miami's Brickell district for $50 million. There, they plan to construct a $650 million residential high-rise, the joint venture announced.
The 1-hectare parcel comprises three plots: one on the Miami River with over 300 feet of waterfront, and two adjacent inland plots at 66 Southwest Sixth Street and 625 Southwest First Avenue, near the mixed-use Brickell City Centre complex.
The joint venture plans the development of a 60-storey waterfront high-rise with 181 condominiums. Vaster provided a $30.5 million loan for the acquisition, which had been in the contract phase for at least eight months.
The sellers, developers Two Roads Development and Newgard Development Group, are currently constructing another luxury complex on an adjacent plot at 99 Southwest Seventh Street. Last year, the joint venture secured a $513 million financing package for the construction of two condominium towers: a 46-storey building with 422 units, branded as The Standard Hotel, and the 44-storey Lofty Brickell building with 362 units.
The Brickell project marks the first US undertaking for the Belgian Versluys Group, founded in 1908. Prosper, led and founded by former Wall Street financier Jay Roberts, has made strides in the Miami real estate market in recent years, although no projects have yet reached the construction phase.
Brickell is currently experiencing a surge of luxury developments. Along the bay, hedge fund billionaire Ken Griffin plans to construct a mixed-use complex, including a 54-storey office high-rise. The condominium projects by the Cipriani and St. Regis brands are also still under construction.
