Prosper Group, led by Jay Roberts, has teamed up with MG Developer, a Coral Gables-based firm headed by CEO Alirio Torrealba, to purchase a prime 1-acre waterfront condo development site in North Bay Village for $30.9 million, according to The Real Deal. The site, located at 1681 North Bay Causeway and 1725 79th Street Causeway, will soon host a luxury 340-foot, 147-unit condo tower featuring retail spaces and a waterfront restaurant. This project, which is still in the planning stages, is expected to begin construction in 2027 and be completed by 2029.
The land was sold by two entities: 1681 North Bay Village LLC, managed by Tharani Haresh, and 1725 Kennedy Causeway Owner LLC. Compass agents Andy Daro and Troy Gordon represented the buyer in the deal. MG Developer, known for its projects in Coral Gables, Miami, Princeton, and Hialeah, recently launched the final phase of its Biltmore Square development in Coral Gables, dubbed The George.
Prosper Group, in addition to its North Bay Village acquisition, is also planning a $600 million condo-hotel project in Tampa called Ora Hotel and Residences. This project will be co-developed with ARC Realty Group and Sunwest Construction. The North Bay Village site is just west of the planned Continuum Club development by Ian Bruce Eichner, who recently paid $75 million for the Shuckers Waterfront Bar & Grill property and the adjacent Best Western.
North Bay Village is seeing a surge in development, with Sunbeam Properties, led by the Ansin family, spearheading a large phased mixed-use development both north and south of the 79th Street Causeway. Last month, Sunbeam completed a bulk purchase of an aging condo complex for $8 million, which could potentially become a commercial component of the project.
Other notable developments in the area include Riviera Horizons’ Pagani-branded condo building, as well as a luxury condo project by Related Group and Macklowe Properties. Shoma Group, headed by Masoud and Stephanie Shojaee, is also developing a 19-story mixed-use condo tower called Shoma Bay.
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