Prosper Group is joining forces with Belgium’s Versluys Group to develop a $650 million luxury condominium tower on the Miami River in Brickell. The Real Deal reported that the partnership will bring a 60-story, 158-unit branded high-rise to waterfront parcels at 99 Southwest Seventh Street, 66 Southwest Sixth Street, and 625 Southwest First Avenue in Miami.
Versluys Group, led by CEO Bart Versluys and COO Peter De Decker, is entering its first U.S. development through this joint venture with Prosper Group, headed by Jay Roberts. Construction is expected to take approximately 30 months, with completion targeted for 2028.
The developers are under contract to acquire the site next spring; financial terms were not disclosed. Sales for the units are set to begin in the third quarter of next year.
Roberts said he connected with Versluys through a mutual contact and highlighted growing interest from European investors seeking opportunities in South Florida. “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 described the firm’s international ambitions: “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,” De Decker said. “If we want to expand, we must look at other markets. We were looking at London, Singapore, Dubai.”
Earlier this year, Newgard Development Group and Two Roads Development agreed to sell part of their three-tower assemblage site—where they are building Lofty Brickell and the Standard Residences—to Prosper.
Joint ventures have become more common among developers working on new high-rise projects as construction costs rise.
The planned Prosper-Versluys tower will feature about 35,000 square feet dedicated to food and beverage retail space. While the brand has not been disclosed yet, an announcement is expected 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 partnered with Forte Development earlier this year to submit plans 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 that can allow higher density development near public transit stations; this site is located about one block from the Brickell Metromover station.
