MG Developer, one of the top real estate development firms in South Florida, proudly announces a $30.9 million acquisition for the launch of a new mixed-use development in North Bay Village. Located at 1681 & 1725 Kennedy Causeway, the two waterfront towels totaling 42,750 square feet were acquired in a partnership between MG Developer and Miami-based real estate development firm Prosper Group led by Jay Roberts. The financing was facilitated by Ayush Kapahi, principal and founding partner at New York-based HKS Real Estate Advisors, who secured a $21.6 million loan from New York-based lender RMWC. This project marks MG Developer’s further expansion into South Florida communities and commercial real estate.
The expansive waterfront development will feature 147 new condominiums, including one-, two-, and three-bedroom residences highlighting contemporary resort-style amenities. Beyond luxury residences, the towers will boast dining and retail spaces, facilitating a dynamic community hub to redefine urban living in the area.
Alirio Torrealba, CEO of MG Developer, shares that “expansion in South Florida is a testament to our commitment to enhancing vibrant neighborhoods and North Bay Village’s transformation.” Jay Roberts, CEO of Prosper Group, adds, “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.”
The highly anticipated development is currently in its planning stages, with groundbreaking expected in 2027 and project completion by 2029.
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