CLIENT NEWS: MG Developer, partner buy waterfront condo site for $31M
October 17, 2024MG Developer partnered with Prosper Group to buy a waterfront condo development site in North Bay Village for $30.9 million.
The Miami-based developers purchased 42,750 square feet of land at 1681 and 1725 Kennedy Causeway/79th Street from Miami Beach-based 1681 North Bay Village LLC, managed by Tharani Haresh and John Meriwether, and Oak Park, Illinois-based 1725 Kennedy Causeway Owner LLC, respectively. The former property has an 18,758-square-foot office building that was constructed in 1961.
The property with the office building last traded for $7 million in 2022, while the vacant land previously sold for $6 million in 2021.
MG Developer and Prosper Group said they will seek city approval for 147 condos there.
“We are thrilled to embark on this partnership with Prosper Group, whose mission aligns perfectly with our dedication to developing communities that meet the needs of modern living,” stated Alirio Torrealba, CEO of MG Developer. “Our expansion in South Florida is a testament to our commitment in enhancing vibrant neighborhoods, and we’re excited to contribute to North Bay Village’s transformation.”
MG Developer started developing multifamily in Coral Gables and then broke ground on apartments in Hialeah.
While it has yet to fully detail its plans for North Bay Village, it said the condo would have one-, two-, and three-bedroom units, along with resort-style amenities. It hopes to break ground on the condo in 2027 and complete it in 2029.
“This development will undoubtedly become a premier destination, and we are eager to bring our expertise and international designers to create a vibrant community that will attract residents from across the globe,” stated Jay Roberts, CEO of Prosper Group.
There’s been a development boom in North Bay Village in recent years, including the Continuum Club & Residences, Shoma Bay condos and a Publix, the redevelopment of the Shucker’s Waterfront Bar & Grill and the Best Western Inn in North Bay Village, and a massive project by Sunbeam Properties.
