Prosper Group is collaborating with Belgium’s Versluys Group to develop a $650 million luxury condominium tower along the Miami River in Brickell. The joint venture will create a 60-story high-rise with 158 branded units and more than 300 feet of river frontage, according to both firms.
Versluys Group, led by CEO Bart Versluys and COO Peter De Decker, is entering the U.S. market for the first time through this project. Jay Roberts leads Prosper Group, which is based in Miami Beach. The planned development will be located at 99 Southwest Seventh Street, 66 Southwest Sixth Street, and 625 Southwest First Avenue in Miami.
Construction on the waterfront assemblage is expected to last about 30 months, with completion targeted for 2028. The joint venture has an agreement to purchase the site next spring; terms of the acquisition were not disclosed. Sales are scheduled to begin in the third quarter.
Jay Roberts explained that international capital flows influenced the partnership: “I’ve seen a lot of appetite from European investors, and capital looking for opportunities outside of Europe and into South Florida,” he said. “Regulations in Europe are hurting development and growth.”
Peter De Decker added that expansion beyond their home markets was necessary: “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,” he 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 signed an agreement to sell part of this site to Prosper as part of a larger three-tower assemblage where they are developing Lofty Brickell and Standard Residences.
The new tower will include about 35,000 square feet dedicated to food and beverage retail space. The developers have not yet revealed which brand will occupy that space but intend to announce it later.
Joint ventures among developers have become more common as construction costs rise.
Prosper currently has over 1,300 residential units either planned or under construction across Tampa and South Florida.
In addition to this project, Prosper and Forte Development earlier submitted plans for an 80-story mixed-use condo tower nearby at 1040 South Miami Avenue under Miami-Dade County’s rapid transit zoning rules—a policy designed to allow greater building density near public transportation options such as the Brickell Metromover station. This site is located about one block from that station.
