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Prosper and Versluys buy Miami Brickell site for $650M condo tower
The joint venture paid $50 million for a 1-acre assemblage near Brickell City Centre and plans a 60-story waterfront building with 181 condos, funded in part by a $30.5 million acquisition loan from Vaster.
Prosper Group and Versluys Group have paid $50 million for a development site in Miami’s Brickell district, where they plan to build a $650 million condo tower, the joint venture announced. The 1-acre assemblage spans three parcels, including a site along the Miami River with more than 300 feet of water frontage, plus two inland parcels at 66 Southwest Sixth Street and 625 Southwest First Avenue near the Brickell City Centre mixed-use complex.
The planned project is a 60-story waterfront high-rise with 181 condos. Vaster provided a $30.5 million loan for the acquisition, which has been under contract for at least eight months.
The sellers were Two Roads Development and Newgard Development Group, which are also building a neighboring luxury complex on a lot at 99 Southwest Seventh Street. The Brickell project is also described as Versluys Group’s first U.S. endeavor, and Prosper has previously secured a $513 million financing package for construction of two other condo towers.
According to Commercial Observer, last year the joint venture secured financing for a 46-story, 422-unit building branded after the Standard Hotel and a 44-story, 362-unit Lofty Brickell building. The outlet also noted that Prosper’s Brickell push is part of broader luxury development activity in the area.