Growth
South Florida
Two Roads joins Harvey Hernandez on three-tower Miami River venture
Developer Harvey Hernandez and Two Roads Growth are below contract to promote a portion of their Brickell assemblage alongside the Miami River, The Actual Deal has realized.
Miami Seashore-based Prosper, a growth agency led by Jay Roberts, is working with an undisclosed companion to accumulate the 1-acre property at 66 Southwest Sixth Avenue and 625 Southwest First Avenue, sources informed TRD. The client and sellers declined to remark.
The portion of the location that Prosper is shopping for will doubtless be replatted.
Hernandez’s Newgard shaped a three way partnership with Reid Boren and Taylor Collins’ Two Roads on the One Brickell Riverfront venture final yr. The three-tower assemblage contains Lofty Brickell and the Normal Residences, Miami venture. Prosper and its companion will develop the third tower.
The off-market sale is ready to shut within the first quarter of subsequent yr. It could possibly be developed right into a 59-story, 160-unit condominium tower. The client plans to model the 720-foot residential highrise, which is able to entrance the river. The constructing would additionally embrace about 35,000 sq. toes of meals and beverage retail house.
In 2022, Newgard scored a $170 million building mortgage for Lofty Brickell. The constructing will embrace 40,000 sq. toes of facilities, together with a marina, social membership, pool deck, cigar lounge and co-working house, based on the discharge. The Normal’s facilities will embrace a rooftop pool deck, a spa, infinity plunge swimming pools on the ninth ground, a riverfront restaurant on the bottom ground, a health middle, bowling alley and lounge and a screening room.
Lofty and the Normal Residences tower, the latter of which launched gross sales final yr, could possibly be accomplished by the third quarter of 2026. Each are below building and can share a podium.
Prosper Group has a handful of different initiatives in its pipeline. In October, Prosper and MG Developer teamed as much as purchase a waterfront condominium growth web site in North Bay Village for $30.9 million the place they plan a 340-foot, 147-unit luxurious condominium tower with retail areas and a waterfront restaurant. Prosper additionally plans a Brickell venture, and it’s co-developing a $600 million condo-hotel in Tampa known as Ora Resort and Residences.
Two Roads, Newgard’s companion on One Riverfront, additionally plans a multi-tower venture in Edgewater. That growth’s future is in limbo as Two Roads waits for the Third District Court docket of Enchantment to resolve whether or not it should grant the developer a rehearing. The litigation is tied to the buyout of the Biscayne 21 condominium constructing.
Learn extra
Residential
South Florida
Two Roads’ Edgewater condominium buyout at deadlock: What may occur subsequent?
Growth
South Florida
MG Developer, Prosper pay $31M for North Bay Village condominium dev web site
