Versluys Group Enters Brickell With $650M Tower Plan
Belgium's Versluys Group joins Miami's Prosper Group on a $50 million Brickell River assemblage, planning a 60-story, 181-unit tower worth $650 million.
Prosper Group and Versluys Group have closed on a three-parcel, one-acre waterfront assemblage on the Miami River in Brickell for $50 million, and plan to build a 60-story tower with 181 residences at a total project cost of $650 million. The site, at 66 SW 6th Street, 625 SW 1st Avenue and 99 SW 7th Street, carries more than 300 feet of direct river frontage and was previously controlled by Two Roads Development and Newgard Development Group. Miami-based lender Vaster provided a $30.5 million acquisition loan.
Why it matters
The deal marks Belgium’s Versluys Group entering the Miami market for the first time, doing so through a joint venture with local firm Prosper Group rather than buying alone. That structure, foreign capital paired with a US operating partner, is becoming the default path for overseas money underwriting Miami luxury towers as domestic condo construction financing tightens. Prosper Group CEO Jay Roberts called the parcel “one of the last waterfront sites in Brickell,” a scarcity argument that matters more as the neighborhood’s buildable river frontage keeps shrinking. Our own data underscores the timing: South Florida building permits are running 37.1% above the prior 12 months even with 30-year mortgage rates at 6.5%, a gap that shows equity-rich foreign entrants can still move on land while rate-sensitive domestic buyers hold back.
The numbers
The $50 million acquisition price works out to roughly $50 million per acre for the one-acre site, backed by a $30.5 million loan from Vaster. The planned tower’s $650 million total cost implies about $3.6 million per unit across 181 residences, before land and financing costs are stripped out, a figure consistent with ultra-luxury Brickell pricing on direct river frontage.
What’s next
Prosper Group and Versluys Group have not disclosed a construction timeline, architect or sales launch date for the 60-story tower. The next milestones to watch are city permitting filings and a formal project unveiling, the usual signal that a Brickell megaproject is moving from land deal to marketing phase. For now, the closing adds one more foreign-backed luxury tower to Miami’s waterfront pipeline at a moment when overseas capital is doing more of the underwriting than domestic lenders.