Prosper Group has announced a partnership with Belgian developer Versluys Group to develop a $650 million luxury condominium tower along the Miami River in Brickell. The project, located at 99 Southwest Seventh Street, 66 Southwest Sixth Street, and 625 Southwest First Avenue, will be a joint venture between Prosper Group, led by Jay Roberts, and Versluys Group, headed by CEO Bart Versluys and COO Peter De Decker.
The planned development is set to be a 60-story high-rise featuring 158 branded residential units and more than 300 feet of river frontage. According to Peter De Decker, this marks Versluys’ first development in the United States. Construction is projected to last about 30 months with completion expected in 2028.
The joint venture is under contract to acquire the site next spring for an undisclosed amount. Sales are anticipated to begin in the third quarter. Jay Roberts explained how the partnership was formed: “I’ve seen a lot of appetite from European investors, and capital looking for opportunities outside of Europe and into South Florida,” Roberts said. “Regulations in Europe are hurting development and growth.”
De Decker shared the firm’s motivation for entering the Miami market: “We’re in the high-end residential market in Belgium, Holland. We have a lot of deals in the top 1 percent of the market,” he said. “If we want to expand, we must look at other markets. We were looking at London, Singapore, Dubai.”
Earlier this year, Prosper entered into an agreement with Newgard Development Group and Two Roads Development to purchase part of the site as part of a larger assemblage where Lofty Brickell and Standard Residences are currently being developed.
Joint ventures among developers have become more common due to rising construction costs.
The new project will also feature approximately 35,000 square feet of food and beverage retail space on its ground floor. The developers have not yet disclosed which brand will occupy that space but plan to announce it later.
Prosper’s current portfolio includes over 1,300 residential units either planned or under construction across Tampa and South Florida.
In addition to this project, Prosper and Forte Development submitted plans earlier this year for an 80-story mixed-use condo tower at 1040 South Miami Avenue in Brickell. That application was filed under Miami-Dade County’s rapid transit zoning rules designed to allow higher density near public transportation options such as the nearby Brickell Metromover station.
