European Developer JV Reveals $650M Miami Tower
This is a renowned builder's first project.
Miami Beach-based Prosper Group has formed a joint venture with Versluys Group to develop a 57-story, $650 million ultra-luxury waterfront residential tower in Miami. Versluys Group, based in Belgium, is a major European property developer, and this is its first project in the United States.
The tower will rise over the Miami River in Brickell, the city’s financial district. The development will include 158 units and feature over 300 feet of direct river frontage.
The property spans three riverfront parcels: 99 SW 7th Street, 66 SW 6th Street, and 625 SW 1st Avenue, all of which the developers have obtained recently. Completion of the still-unnamed project is slated for 2028.
When completed, the tower will have direct access to Biscayne Bay, in addition to the MiamiCentral Brightline station.
Prosper Group has about 1,300 multifamily units under development or in the planning stages. Also this year, Prosper and another partner, Forte Development, announced plans for an 80-story Brickell condo project at 1040 South Miami Avenue.
Versluys Group, founded in 1908, is known in Belgium and the Netherlands for its high-end coastal developments. The company also carried out the complete renovation of the five-star hotel La Réserve, located in the seaside town of Knokke-Heist, Belgium.
Miami multifamily development retains momentum
The nationwide slowdown of multifamily development hasn’t come to the Miami residential market, with 100 projects totaling about 30,500 units currently under construction in South Florida. Some 16,100 of which are located in Miami.
That is a slowdown from the white-hot days of 2023, but even so the current pipeline equals 7 percent of existing inventory. Only Charlotte (8.1 percent) has more properties under way by that metric.
READ ALSO: How Foreign Investors Are Driving Miami’s Boom
Last week, another joint venture between Rosso Development, Midtown Development and Proper Hospitality recently received approvals from the City of Miami’s Urban Development Review Board for a $2 billion mixed-use project in the city that will have more than 900 condominium residences and 120,000 square feet of retail space.
Two weeks prior Newgard Group and Two Roads Development secured $513 million for One Brickell Riverfront, a 784-unit Miami condo development The Arquitectonica-designed project is slated for completion in 2027.
