New $650 Million Luxury Condo Tower Planned on the Miami River

Prosper Group and Belgium-based Versluys Group have completed a $50 million land acquisition in Brickell, moving forward with plans for a major luxury condominium development along the Miami River.

The joint venture acquired approximately one acre across three parcels, including a waterfront site with more than 300 feet of direct Miami River frontage. The transaction gives the developers control of the land needed for a residential project expected to represent roughly $650 million in total development value.

A $50 Million Waterfront Land Acquisition

The assemblage includes property at 66 SW 6th Street, 625 SW 1st Avenue and an adjoining riverfront parcel that was previously part of 99 SW 7th Street.

Two Roads Development and Newgard Development Group sold the off-market site. Miami-based lender Vaster provided a $30.5 million acquisition loan to help finance the purchase.

Closing on the land represents a more substantial development milestone than an early concept announcement alone. The joint venture now controls the site on which the proposed tower is intended to rise.

60-Story Luxury Tower Planned Along the Miami River

Plans announced at the time of the August acquisition called for a 60-story luxury condominium tower with 181 residences and more than 300 feet of direct river frontage.

The developers estimated the project's total development value at approximately $650 million.

The site is positioned directly on the Miami River near Brickell's urban core and within a short distance of Brickell City Centre, placing the planned development within one of the most active areas of Miami real estate.

Its waterfront location also provides access toward Biscayne Bay, adding a riverfront and boating component to a submarket better known for high-rise residential, office and mixed-use development.

Versluys Group Makes Its U.S. Market Entry

The project also marks the first U.S. development for Versluys Group, a Belgian real estate company founded in 1908.

Versluys is partnering with Miami-based Prosper Group on the Brickell development, combining the Belgian company's experience in luxury residential projects with Prosper's local development platform.

The partnership was announced before the land closing, but the completed $50 million acquisition gives the joint venture a secured development site rather than simply a proposed location.

Why the Miami River Site Matters

The Miami River has increasingly become part of Brickell's luxury residential development corridor.

Unlike a conventional inland high-rise site, the Prosper-Versluys assemblage combines proximity to Brickell with substantial waterfront frontage. That combination can influence building orientation, views, amenities and overall project positioning.

The site also sits near existing and planned residential projects along the river, extending development activity westward from Brickell's traditional bayfront core.

For buyers following new condominiums in Miami, the transaction is significant because it represents another large waterfront site moving from land assembly toward an identifiable residential development.

Another Addition to Brickell's New-Construction Pipeline

Brickell already has several major luxury condominium projects under construction or in development, including branded and waterfront towers.

The planned Prosper-Versluys project would add another high-end residential building to that pipeline, this time along the Miami River rather than directly on Biscayne Bay.

The $50 million land purchase does not mean construction is complete or that the current design is final. Project specifications can continue to change as design, permitting, financing and sales progress.

The 181-residence figure reflects the development program announced at the time of the August land acquisition and should therefore be viewed as part of the project's development-stage plans.

What the Deal Means for Brickell Real Estate

For the Brickell real estate market, the most important part of the announcement is not simply the proposed $650 million project value.

The developers have now completed the land acquisition required for the project, paying $50 million for a strategically located waterfront assemblage in Miami.

That makes the development a concrete addition to Brickell's future residential pipeline, while later milestones — including final design, permitting, construction financing and construction activity — will provide a clearer indication of when the new condominium inventory may reach the market.

As Miami River development continues, the Prosper-Versluys site will be one of the projects to watch within the broader expansion of luxury residential construction around Brickell.