Prosper Group, led by Jay Roberts, has partnered with MG Developer, a Coral Gables-based firm led by CEO Alirio Torrealba, to acquire a prime 1-acre waterfront site in North Bay Village for $30.9 million, according to The Real Deal. The property, located at 1681 North Bay Causeway and 1725 79th Street Causeway, will soon be the site of a luxury 340-foot condo tower featuring 147 units, retail spaces, and a waterfront restaurant. Currently in the planning stages, construction is set to begin in 2027 and be completed by 2029.
The land was sold by two entities: 1681 North Bay Village LLC, managed by Tharani Haresh, and 1725 Kennedy Causeway Owner LLC. The buyer was represented by Compass agents Andy Daro and Troy Gordon. MG Developer, well-known for its projects in Coral Gables, Miami, Princeton, and Hialeah, recently launched the final phase of its Biltmore Square development in Coral Gables, known as The George.
Prosper Group, alongside its North Bay Village acquisition, is also working on a $600 million condo-hotel project in Tampa called Ora Hotel and Residences, in collaboration with ARC Realty Group and Sunwest Construction. The North Bay Village site is near the planned Continuum Club development by Ian Bruce Eichner, who recently purchased the Shuckers Waterfront Bar & Grill property and the adjacent Best Western for $75 million.
North Bay Village is experiencing a development boom, with Sunbeam Properties, led by the Ansin family, driving a large mixed-use project both north and south of the 79th Street Causeway. Last month, Sunbeam acquired an older condo complex for $8 million, which could become a commercial part of the development.
Other notable projects in the area include Riviera Horizons’ Pagani-branded condo building and a luxury condo project by Related Group and Macklowe Properties. Shoma Group, led by Masoud and Stephanie Shojaee, is also developing Shoma Bay, a 19-story mixed-use condo tower.
Please contact Miami Real Estate Agent David Freed, for all of your Brickell and Miami real estate services.
