MG Developer, one of the top real estate development firms in South Florida, announces the $30.9 million acquisition of two waterfront parcels totaling 42,750 square feet in North Bay Village for the launch of a new mixed-use development.
Located at 1681 & 1725 Kennedy Causeway, MG Developer acquired the properties in a partnership with Prosper Group led by Jay Roberts, a real estate development firm based in Miami. The acquisition and development plans mark MG Developer’s expansion into new communities and commercial real estate product types.
“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,” said 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.”
The new development will feature 147 condominiums, offering one-, two-, and three-bedroom residences. In addition to luxury residences, the project will include restaurants and retail spaces designed to create a dynamic community hub that elevates the area’s appeal. With a focus on modern, resort-style amenities, the project aims to redefine urban living along the Kennedy Causeway.
“We’re excited to join forces with MG Developer, whose growth and experience in the region are unmatched,” said Jay Roberts, CEO of Prosper Group. “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.”
Financing for this acquisition 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.
“Securing the financing for this transformative development is a testament to the strong relationship we’ve built with MG Developer over the years,” said Ayush Kapahi, principal and founding partner at HKS. “We’re proud to have contributed to a project that will undoubtedly elevate this waterfront community.”
