Prosper Group, a development firm led by Jay Roberts, is purchasing two development sites in Miami Dade County with plans to utilize the sites to build luxury condo towers, according to The Real Deal.
The company has inked a contract for a development site at 1040 South Miami Avenue in the Brickell area of Miami for $40 million, as well as 1681 and 1725 Kennedy Causeway in North Bay Village for $30.5 million.
The Brickell site was previously set to become a Virgin Hotel, which would also offer co-living component, developed by Richard Branson’s Virgin Hotels and Blue Jay Capital, with development aimed to be completed last year, but those plans ultimately fell through.
This marks Proper Group’s first developments in South Florida, as they are also is co-developing a $600 million condo-hotel in Tampa, Florida called Ora Hotel and Residences.
Roberts says that he is expecting to close on the purchase during the first half of 2026, adding that he plans to partner with a local condo developer to build the project, which is believed to be a condo-hotel with up to 300 residential units.
Brickell is one of Miami’s crown jewel spots and North Bay Village is in the midst of it’s own development boom, generating a ton of interest.
