Prosper Group And Versluys Group Acquire Development Site In Miami For $50 Million

The transaction involved a development site comprising three parcels over one acre located at 66 Southwest 6th Street, 625 Southwest 1st Avenue, and 99 Southwest 7th Street in the Miami, FL market. The sale price for this property was $50,000,000.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $50,000,000
• Buyer: Jay Roberts - Prosper Group; Bart Versluys & Peter De Decker - Versluys Group
• Seller: Brad Meltzer, Reid J. Boren & Taylor Collins - Two Roads Development; Harvey Hernandez - Newgard Development Group
• Lender: Zack Simkins - Vaster

Prosper Group and Versluys Group are set to develop a 60-story luxury waterfront residential tower consisting of 181 residences, with more than 300 feet of Miami River frontage. The site was acquired through an off-market transaction from Two Roads Development and Newgard Development Group, which includes a parcel at 99 SW 7th St. currently pending a new address.