Alirio Torrealba’s MG Developer and Prosper Group have announced plans for a new 30-story waterfront condominium tower in North Bay Village. The project will be located at 1681 and 1725 North Bay Causeway, on a one-acre site the two firms acquired last year for $30.9 million.
The developers have submitted an application to Miami-Dade County’s Shoreline Development Review Committee, according to reporting by the South Florida Business Journal. Miami Beach-based Prosper Group is led by Jay Roberts, and both Roberts and Torrealba have selected Revuelta Architecture International as the designer for the project.
Plans for the tower include 147 residential units with floorplans ranging from one to three bedrooms, sized between 1,000 and 2,700 square feet. There will also be four penthouses with four bedrooms each, spanning between 2,500 and 3,800 square feet; each penthouse will feature a private pool. Additional amenities include a pool and an amenity deck for residents.
The development is also set to offer 3,300 square feet of restaurant space, 6,400 square feet of office space, and twelve guest rooms reserved for condo owners.
North Bay Village has recently become an active area for new condominium projects. Earlier this month, developer Vivian Dimond secured $67 million in construction financing for Tula Residences—a waterfront condo project that had previously stalled under Pacific & Orient Properties’ ownership. Related Group and Macklowe Properties are planning a Ritz-Carlton-branded complex nearby with two towers totaling 364 condos across 43 stories each. Riviera Horizons is also proposing a Pagani-branded tower with thirty stories and seventy units.
Torrealba’s MG Developer currently has more than $500 million in projects planned throughout South Florida. In July he obtained $39 million in financing for a Coral Gables townhome development comprising thirteen units; in April he secured a $105 million loan for a ten-story apartment building with 347 units in Hialeah.
Earlier this year, Jay Roberts of Prosper partnered with Versluys Group on plans for a $650 million luxury condo tower in Brickell. This sixty-story building will house 158 units along three hundred feet of waterfront on the Miami River.
