MIAMI—Locally-based real estate development firm Melo Group has closed on the $28 million purchase of prime land fronting Biscayne Boulevard between 18th and 19th Streets in Downtown Miami's Arts & Entertainment District. The 68,400-sqaure-foot lot spans a full city block and is zoned for a transit-oriented mixed-use residential development with up to 800 units and street-level retail. Joel Rodriguez of Global Investments Realty represented both the buyer and seller in the transaction.
Carlos Melo, principal of The Melo Group, says that although plans for the property have not been established, the land is zoned for a transit-oriented, mixed-use residential development with up to 800 units and street-level retail. Melo says there are multiple developments planned in nearly every direction from the property. Across the street, the 1836 Biscayne apartment tower is planned by Fifteen Group, while a 53-story project known as V Downtown is proposed on the lot just south. Kushner companies is planning multiple tower at 1900 Biscayne and 2000 Biscayne where they are about to break ground.
Property records show the seller is Miami Chinese Community Center Limited, an entity that lists a Bronx, New York address tied to Isaac Shih, according to Melo. The company assembled the land between 1988 and 2007, spending a combined $4.14 million on the parcels.
The Melo Group has been active in Miami's Arts & Entertainment District, activating the area with nearly 3,000 transit-oriented residential units and more than 45,000 square feet of retail/restaurant space over the last five years. Recently completed developments in the area include the sold-out 648-unit Aria on the Bay luxury condominium, the 497-unit Melody rental tower, the 710-unit Square Station multifamily development and the 667-unit Art Plaza apartment towers. The firm is also currently finishing up construction on the 437-unit Miami Plaza rental tower, which is slated for delivery in mid-2020.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
