MG Developer Acquires $30.9 Million For Mixed-Use Development Project In North Bay Village

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MG Developer, one of the top real estate development firms in South Florida, proudly announces a $30.9 million acquisition for the launch of a new mixed-use development in North Bay Village. Located at 1681 & 1725 Kennedy Causeway, the two waterfront towels totaling 42,750 square feet were acquired in a partnership between MG Developer and Miami-based real estate development firm Prosper Group led by Jay Roberts. The financing was facilitated by Ayush Kapahi, principal and founding partner at New York-based HKS Real Estate Advisors, who secured a $21.6 million loan from New York-based lender RMWC. This project marks MG Developer’s further expansion into South Florida communities and commercial real estate. 

The expansive waterfront development will feature 147 new condominiums, including one-, two-, and three-bedroom residences highlighting contemporary resort-style amenities. Beyond luxury residences, the towers will boast dining and retail spaces, facilitating a dynamic community hub to redefine urban living in the area. 

Alirio Torrealba, CEO of MG Developer, shares that “expansion in South Florida is a testament to our commitment to enhancing vibrant neighborhoods and North Bay Village’s transformation.” Jay Roberts, CEO of Prosper Group, adds, “This development will undoubtedly become a premier destination, and we are eager to bring our expertise and international designers to create a vibrant community that will attract residents from across the globe.”

The highly anticipated development is currently in its planning stages, with groundbreaking expected in 2027 and project completion by 2029. 

For more on the latest in luxury real estate, visit www.hauteresidence.com

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