A significant new ultra-luxury residential tower is set to rise along the Miami River in Brickell, following a joint venture between Miami Beach-based Prosper Group and Belgium’s Versluys Group. This ambitious $650 million project marks Versluys Group’s debut in the United States real estate market.
Key Takeaways
- A 57-story luxury residential tower is planned for the Miami River in Brickell.
- The project represents the first U.S. development for Belgium’s Versluys Group.
- Construction is slated for completion in 2028.
Prime Waterfront Location
The development will feature 158 units and boast over 300 feet of direct river frontage. Strategically located in Miami’s financial district, the tower will occupy three recently acquired riverfront parcels: 99 SW 7th Street, 66 SW 6th Street, and 625 SW 1st Avenue. Upon completion, residents will enjoy direct access to Biscayne Bay and proximity to the MiamiCentral Brightline station, enhancing connectivity and lifestyle.
Developer Expertise
Prosper Group, a Miami-based developer, has a substantial pipeline with approximately 1,300 multifamily units either under development or in the planning stages. The company is also involved in another major Brickell condo project. Versluys Group, founded in 1908, brings a wealth of experience from Europe, particularly in high-end coastal developments in Belgium and the Netherlands. Their portfolio includes notable projects like the renovation of the five-star hotel La Réserve in Knokke-Heist, Belgium.
Miami’s Resilient Multifamily Market
Despite a national slowdown in multifamily development, the Miami residential market continues to show strong momentum. South Florida currently has around 100 projects, totaling approximately 30,500 units, under construction, with Miami accounting for 16,100 of those units. This robust pipeline represents 7 percent of the existing inventory, a figure surpassed only by Charlotte in the nation. Recent significant projects in Miami include a $2 billion mixed-use development approved for the city and a $513 million condo development, One Brickell Riverfront, securing financing.