MG Developer and Prosper Group Acquire $30.9M Waterfront Site for Mixed-Use Development in North Bay Village
October 18, 2024MG Developer, led by CEO Alirio Torrealba, has partnered with Prosper Group, headed by CEO Jay Roberts, to acquire a prime development site in North Bay Village for $30.9 million. The acquisition consists of two 1681 & 1725 Kennedy Causeway waterfront parcels covering 42,750 square feet. This site will serve as the foundation for a mixed-use project set to break ground in 2027 and be completed in 2029.
This move represents MG Developer’s expansion into new real estate markets and product types, marking a significant step forward in the company’s growth.
“We are thrilled to embark on this partnership with Prosper Group, whose mission aligns perfectly with our dedication to developing communities that meet the needs of modern living,” said Alirio Torrealba. “Our expansion in South Florida is a testament to our commitment to enhancing vibrant neighborhoods, and we’re excited to contribute to North Bay Village’s transformation.”
The planned development will feature 147 luxury condominiums in one-, two-, and three-bedroom units. It will also include restaurants and retail spaces designed to create a lively community hub and elevate the neighborhood’s appeal. With resort-style amenities, this development aims to set a new standard for urban living along the Kennedy Causeway.
Jay Roberts of Prosper Group echoed this: “We’re excited to join forces with MG Developer, whose growth and experience in the region are unmatched. This development will undoubtedly become a premier destination, and we are eager to bring our expertise and international designers to create a vibrant community that will attract residents from across the globe.”
Together, MG Developer and Prosper Group aim to make a lasting impact on the North Bay Village area with their vision of modern, luxury urban living.