Alirio Torrealba’s MG Developer and Prosper Group have announced plans for a new 30-story waterfront condominium tower in North Bay Village. The proposed development will be located at 1681 and 1725 North Bay Causeway, on a one-acre site that the two firms purchased last year for $30.9 million.
According to an application filed with Miami-Dade County’s Shoreline Development Review Committee, the project will feature 147 residential units. The building is designed by Revuelta Architecture International, with Miami Beach-based Prosper Group led by Jay Roberts collaborating on the project.
The planned tower will include 3,300 square feet of restaurant space and 6,400 square feet of office space. Additionally, there will be 12 guest rooms intended for use by condo owners. Residential units are expected to range from one to three bedrooms, measuring between 1,000 and 2,700 square feet. Four penthouses with four bedrooms each will span between 2,500 and 3,800 square feet and come equipped with private pools. Amenities for residents are set to include a pool and an amenity deck.
North Bay Village has recently seen increased activity in condominium development. Earlier this month, developer Vivian Dimond secured $67 million in construction financing for Tula Residences—a waterfront condo project that had previously stalled under Pacific & Orient Properties.
Other developments in the area include a Ritz-Carlton-branded complex being planned by Related Group and Macklowe Properties featuring two towers of 43 stories each with a total of 364 condos. Riviera Horizons, led by Mikael Hamaoui, is also planning a Pagani-branded condo tower standing at 30 stories with 70 units.
Torrealba founded MG Developer ten years ago and currently has more than $500 million worth of projects underway across South Florida. In July he obtained $39 million in construction financing for a Coral Gables townhome development comprising thirteen units; earlier in April he secured a $105 million loan for a planned ten-story apartment building in Hialeah containing 347 units.
Prosper Group’s Jay Roberts also partnered earlier this year with Versluys Group on another significant luxury condominium project: a proposed sixty-story tower along the Miami River in Brickell valued at $650 million that would offer up to158 residences over approximately three hundred feet of waterfront.
