Prosper Group and Versluys Group have closed on a three-parcel waterfront assemblage in Brickell for $50 million, advancing plans for a proposed 60-story luxury residential tower along the Miami River. The approximately one-acre assemblage, located at 99 SW 7th Street, 66 SW 6th Street, and 625 SW 1st Avenue, was acquired from Two Roads Development and Newgard Development Group. Miami-based Vaster provided a $30.5 million acquisition loan for the transaction.
The acquisition advances the joint venture’s previously announced plans for a $650 million ultra-luxury residential development. The proposed tower is expected to rise 60 stories and contain 181 residences, occupying one of the remaining waterfront development sites along the Miami River in Brickell. Plans also call for more than 300 feet of direct river frontage.
The site sits immediately west of Brickell’s urban core, with frontage along the Miami River and convenient access to Brickell City Centre, Interstate 95, Miami International Airport, and Brightline. The waterfront location will also provide direct access to Biscayne Bay and Miami’s boating network.
“We are one step closer to bringing our vision for this development to fruition,” said Jay Roberts, CEO of Prosper Group…