Alirio Torrealba’s MG Developer and Prosper Group have announced plans for a 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 acquired last year for $30.9 million.
The application for the project has been submitted to Miami-Dade County’s Shoreline Development Review Committee, according to reports from the South Florida Business Journal. Miami Beach-based Prosper Group is led by Jay Roberts. Both Roberts and Torrealba have selected Revuelta Architecture International to design the new building.
Plans for the tower include 147 residential units with sizes ranging from 1,000 to 2,700 square feet in one-, two-, and three-bedroom layouts. There will also be four penthouses with four bedrooms each, spanning between 2,500 and 3,800 square feet; each penthouse will feature a private pool. Additional features of the project include a pool and amenity deck, as well as about 3,300 square feet of restaurant space, 6,400 square feet of office space, and twelve guest rooms intended for condo owners’ use.
North Bay Village has recently seen increased interest from developers. Earlier this month, Vivian Dimond secured $67 million in construction financing for Tula Residences—a waterfront condominium project that had previously stalled under different ownership. Other developments in the area include Related Group and Macklowe Properties’ planned Ritz-Carlton-branded complex featuring two towers with a total of 364 condos over 43 stories each. Riviera Horizons, led by Mikael Hamaoui, is also planning a Pagani-branded condo tower with thirty stories and seventy units.
Torrealba founded MG Developer ten years ago and currently oversees more than $500 million worth of projects throughout South Florida. In July he obtained $39 million in construction financing for a townhome development in Coral Gables consisting of thirteen units. In April he received a $105 million loan to build a ten-story apartment building with 347 units in Hialeah.
Earlier this year Jay Roberts of Prosper Group joined Versluys Group on another major venture: a planned sixty-story luxury condo tower along the Miami River in Brickell valued at $650 million that will offer 158 units across its thirty floors.
