Harvey Hernandez, Two Roads Selling Miami River Development Site

Developer Harvey Hernandez and Two Roads Development are under contract to sell a portion of their Brickell assemblage along the Miami River, The Real Deal has learned.

Miami Beach-based Prosper, a development firm led by Jay Roberts, is working with an undisclosed partner to acquire the 1-acre property at 66 Southwest Sixth Street and 625 Southwest First Avenue, sources told TRD. The buyer and sellers declined to comment.

The portion of the site that Prosper is buying will likely be replatted.

Hernandez’s Newgard formed a joint venture with Reid Boren and Taylor Collins’ Two Roads on the One Brickell Riverfront project last year. The three-tower assemblage includes Lofty Brickell and the Standard Residences, Miami project. Prosper and its partner will develop the third tower.

The off-market sale is set to close in the first quarter of next year. It could be developed into a 59-story, 160-unit condo tower. The buyer plans to brand the 720-foot residential highrise, which will front the river. The building would also include about 35,000 square feet of food and beverage retail space.

In 2022, Newgard scored a $170 million construction loan for Lofty Brickell. The building will include 40,000 square feet of amenities, including a marina, social club, pool deck, cigar lounge and co-working space, according to the release. The Standard’s amenities will include a rooftop pool deck, a spa, infinity plunge pools on the ninth floor, a riverfront restaurant on the ground floor, a fitness center, bowling alley and lounge and a screening room.

Lofty and the Standard Residences tower, the latter of which launched sales last year, could be completed by the third quarter of 2026. Both are under construction and will share a podium.

Prosper Group has a handful of other projects in its pipeline. In October, Prosper and MG Developer teamed up to acquire a waterfront condo development site in North Bay Village for $30.9 million where they plan a 340-foot, 147-unit luxury condo tower with retail spaces and a waterfront restaurant. Prosper also plans a Brickell project, and it’s co-developing a $600 million condo-hotel in Tampa called Ora Hotel and Residences.

Two Roads, Newgard’s partner on One Riverfront, also plans a multi-tower project in Edgewater. That development’s future is in limbo as Two Roads waits for the Third District Court of Appeal to decide whether it will grant the developer a rehearing. The litigation is tied to the buyout of the Biscayne 21 condo building.