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JV closes $50M assemblage for 60-story Brickell waterfront tower
The JV, backed by a $30.5 million acquisition loan from Vaster, plans a $650 million project with 181 residences and more than 300 feet of Miami River frontage.
ConnectCRE reports that a joint venture between Prosper Group and Belgium’s Versluys Group has closed on a three-parcel assemblage valued at $50 million to support a waterfront residential tower on the Miami River in Brickell.
The off-market site comprises parcels at 66 SW 6th Street and 625 SW 1st Avenue, plus another lot without an assigned address, according to the report.
Vaster is providing $30.5 million in acquisition financing, with the assemblage purchased from Two Roads Development and Newgard Development Group, ConnectCRE said.
The planned development is expected to total $650 million, delivering a 60-story building with 181 residences and more than 300 feet of direct river frontage, along with direct connectivity to Biscayne Bay and Miami’s broader boating network.