MG Developer, in partnership with Prosper Group, has recently acquired two waterfront parcels totaling 42,750 square feet in North Bay Village. The properties are located at 1681 & 1725 Kennedy Causeway and were purchased for $30.9 million.
The new mixed-use development will feature a total of 147 luxury condominiums ranging from one to three bedrooms. Along with the residences, the project will also include restaurants and retail spaces designed to create a vibrant community hub.
HKS Real Estate Advisors played a key role in securing financing for this acquisition by arranging a $21.6 million loan from RMWC.
Currently still in the planning stages, construction is expected to begin on this project in 2027 and be completed by 2029.
Headquartered in Coral Gables, Florida and founded by Venezuelan-native Alirio Torrealba back in 2014,MG Developer offers comprehensive real estate services including concept creation,p property site selection,and project advancement.
