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 with one-, two-, and three-bedroom options. Alongside the residences, there will also be restaurants and retail spaces designed to create a vibrant community hub.
Financing for this acquisition was facilitated by HKS Real Estate Advisors who secured a $21.6 million loan from RMWC.
Currently in the planning stages, construction is expected to begin in 2027 with an estimated completion date of 2029.
Headquartered in Coral Gables, Florida and founded by Venezuelan-native Alirio Torrealba in 2014,MG Developer offers comprehensive real estate services including concept creation, property site selection,and project advancement.
