Melo Group Topped Off Latest Project in Downtown Miami
Downtown 5th is the largest apartment project ever built in the CBD, the company says.
Melo Group has topped off a multifamily development under construction in Miami’s Central Business District. Called Downtown 5th, the complex is the largest apartment project ever built in the CBD, Melo Group says.
Construction crews have officially topped off the project’s 52-story East Tower, with top-off of the 52-story West Tower expected to follow later this month. It took just 37 weeks from Downtown 5th’s foundation pour in February to complete vertical construction of the first tower – a pace averaging about one floor every three days. The twin tower development, located at 55 NE 5th St., will comprise 1,042 rental apartments and approximately 12,500 square feet of ground floor retail. Construction is expected to be completed in Summer 2021.
“We’re bullish on the long-term future of Downtown Miami. Despite a global pandemic, we never stopped building for locals who want to live and work in the urban core,” Carlos Melo, principal of the Melo Group, says in prepared remarks. He adds that demand is strong for attainably-priced apartments in a convenient, walkable location with access to public transit and nearby amenities.
Melo Group has a portfolio of more than 6,000 total condo and rental units in the Greater Downtown Miami area and another 2,000 units currently in the works.
In June, it delivered its sixth tower in Downtown’s Arts & Entertainment District, the 425-unit Miami Plaza, marking the final phase of the firm’s plan to activate the once-blighted neighborhood with over 2,300 transit-oriented residential units in just under four years. Other projects by the firm in the area include the twin tower 667-unit Art Plaza, which delivered in 2019; the twin tower 710-unit Square Station, which delivered in 2018; and the 479-unit Melody Tower, which delivered in 2016.
Pre-leasing for Downtown 5th is expected to begin in Spring 2021.
Melo Group’s next residential project in Downtown Miami, Downtown 1st, is now in the planning phase. Located at 22 SW 1st Street, the 57-story tower will include 570 market-rate rental apartments with 10,000 square feet of office and ground-floor retail space. Construction is expected to launch in late 2021.