The Real Deal Miami

Melo Group buys development site in Miami’s A&E district

35,300 sf assemblage last sold for $6.18M in January

December 15, 2015 02:45PM
By Katherine Kallergis

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Development site (inset: Jose Luis, Martin and Carlos Melo)

Development site (inset: Jose Luis, Martin and Carlos Melo)

Miami-based Melo Group has purchased an assemblage in Miami’s Arts & Entertainment District with plans to acquire the entire block, county records show.

Miami Plaza LLC, a Melo affiliate, paid $11.5 million for the development site between Northeast 15th and 16th streets, and between Northeast Miami Court and Miami Place. Melo has also entered into an agreement to purchase the remaining lots, according to Miami-Dade County records.

The seller, 4 RIL LLC, is led by Ivan Sherman. The Brickell-based company sold six parcels to Melo this week. The property last sold for $6.177 million in January, property records show, which means Sherman made nearly double his investment in less than a year.

Nearly the entire block was listed for about $24 million in March, The Real Deal previously reported. It’s north of I-395 and one block southwest of Canvas Miami Condos, a 37-story, 513-unit residential development.

The listing price came out to $349 per square foot, while the sale price for the land that recently closed was $326 per square foot. It’s zoned T6-24, which allows for a maximum of 24 stories, according to Miami 21 zoning code.

Melo already has a nearby development in the former Omni area, which is north of downtown Miami. The Argentinian-led developer is building Melody Tower, a 36-story multifamily project at 245 Northeast 14th Street. Melo is also developing Aria on the Bay, a 53-story tower in Miami’s Edgewater neighborhood.

The South Florida Business Journal first reported the most recent sale.