Alirio Torrealba’s MG Developer and Prosper Group have announced plans for a new 30-story waterfront condominium tower in North Bay Village. The proposed development will be located at 1681 and 1725 North Bay Causeway, on a one-acre site that the two firms acquired last year for $30.9 million.
The partners have submitted an application to Miami-Dade County’s Shoreline Development Review Committee regarding the project, according to information reported by the South Florida Business Journal. Miami Beach-based Prosper Group is led by Jay Roberts, and both Roberts and Torrealba have selected Revuelta Architecture International to design the building.
Plans for the tower include 147 residential units ranging from one to three bedrooms, with sizes between 1,000 and 2,700 square feet. There will also be four penthouses with four bedrooms each, spanning from 2,500 to 3,800 square feet and featuring private pools. Additional amenities are set to include a pool and an amenity deck.
The project will offer about 3,300 square feet of restaurant space, 6,400 square feet of office space, and twelve guest rooms intended for condo owners’ use.
North Bay Village has seen increased activity in condominium development recently. Earlier this month, developer Vivian Dimond secured $67 million in construction financing for Tula Residences—a waterfront condo project that had previously stalled under Pacific & Orient Properties. In addition to this project, Related Group and Macklowe Properties are planning a Ritz-Carlton-branded complex consisting of two towers with a total of 364 condos. Riviera Horizons is also planning a Pagani-branded tower with thirty stories and seventy units.
Torrealba founded MG Developer ten years ago and currently has more than $500 million worth of projects underway across South Florida. In July he obtained $39 million in construction financing for a Coral Gables townhome development comprising thirteen units. In April he received a $105 million loan for constructing a ten-story apartment building with 347 units in Hialeah.
Earlier this year, Prosper’s Jay Roberts partnered with Versluys Group on another major luxury condo venture: a planned sixty-story tower in Brickell valued at $650 million that will feature 158 units along three hundred feet of Miami River waterfront.
