Prosper Group and Versluys Group have closed on a $50 million purchase of a three-parcel waterfront assemblage in Brickell, clearing the way for a planned 60-story tower with 181 residences along the Miami River. The nearly one-acre site, spanning addresses at 99 SW 7th Street, 66 SW 6th Street, and 625 SW 1st Avenue, was sold by Two Roads Development and Newgard Development Group and carries more than 300 feet of direct river frontage.
According to Florida YIMBY, the acquisition was financed in part through a $30.5 million loan from Vaster, and Jay Roberts said Vaster was the ideal partner for the transaction. Roberts added that the closing brings the joint venture one step closer to bringing its development vision to fruition.
The outlet reported that the site sits immediately west of Brickell's urban core, offering access to Brickell City Centre, Interstate 95, Miami International Airport, and the Brightline rail line. Its waterfront position will also provide direct access to Biscayne Bay and Miami's boating network, adding another selling point for the future tower's buyers.
A Belgian Builder's First Miami Project
Versluys Group, founded in Belgium in 1908, has built an extensive portfolio of luxury coastal developments across Belgium and the Netherlands, including the complete renovation of the five-star superior hotel La Réserve in Knokke-Heist, according to Forbes Belgique. Bart Versluys said the closing marked a defining milestone for Versluys Group, which plans to bring its European heritage of craftsmanship to Miami's waterfront.
The deal reflects a broader wave of European capital moving into South Florida, with developers looking to sidestep stricter land-use regulations at home while capturing U.S. growth, per CoStar. Germany's Motel One has taken a similar path, launching its own maiden U.S. project in Miami.
From a $7 Million Land Buy to a $50 Million Sale
The waterfront parcels have appreciated sharply since Newgard Development Group first assembled three of them in October 2022 for $7 million, part of a total land investment of $57.5 million across the master-planned site, according to Avison Young, which represented the family trust that originally sold the land to Newgard.
Prosper Group and Versluys Group first announced their joint venture in October 2025, setting an estimated 30-month construction schedule aimed at delivering the $650 million tower by 2028, The Real Deal reported at the time. The developers said sales would launch in late 2026 following interest from European investors.
The sellers aren't leaving the riverfront empty-handed: the Newgard and Two Roads joint venture is also developing an adjacent site into One Brickell Riverfront, a dual-tower project comprising LOFTY Brickell and The Standard Residences that topped off earlier this year, according to Miami Condo Investments. That joint venture secured $513 million in construction financing for its twin towers in late 2025.
Prosper Group's Growing Pipeline Meets Regulatory Review
Beyond Brickell, Prosper Group's portfolio includes Hotel Ora + Private Residences in Tampa, an upcoming waterfront development in North Bay Village, and a proposed mixed-use tower on South Miami Avenue. The developer also submitted pre-applications in May 2025 alongside Forte Development for an 80-story mixed-use condo tower at 1040 South Miami Avenue, part of a South Florida pipeline of roughly 1,300 residential units, according to Multi-Housing News. The outlet also reported that South Florida had about 100 residential projects totaling roughly 30,500 units under construction as of late 2025, including 16,100 units in Miami alone, representing 7% of existing inventory.
Any tower proposed along the Miami River corridor must still clear review by the Miami River Commission, the state-created clearinghouse that evaluates waterfront setbacks, public Riverwalk connectivity, and environmental impacts under Florida Statute 163.06 and City of Miami land-use guidelines, per the Florida Legislature. How Prosper Group and Versluys Group plan to satisfy those Riverwalk requirements for the new tower has not yet been detailed.
Riverfront Prices Keep Climbing in Brickell
The purchase lands in one of Miami's hottest luxury corridors: a penthouse at the nearby Faena Residences went under contract for $30 million in July, setting a new price benchmark for riverfront condo sales. The planned riverfront tower will also compete with Related Group's 75-story Baccarat Residences Miami, which reached its 40th floor of construction in March.
