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

Miami /
Dec.December 15, 2015 02:45 PM

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.


Related Articles

arrow_forward_ios
Vladislav Doronin (Credit: Gesi Schilling via Wikipedia)

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M
Seth Wise, Co-CEO of The Altman Companies, Altís Ludlam Trail

Altman scores $55M construction loan for Ludlam Trail project

Altman scores $55M construction loan for Ludlam Trail project
Joseph Swedroe (Corcoran, iStock)

Corcoran agent in Miami loses job over “racist and fear-based” marketing

Corcoran agent in Miami loses job over “racist and fear-based” marketing
Remy Jacobson, Jean-Marc Jacobson, 4141 North Miami Avenue (Credit: Google Maps and REALTOKEN)

Remy Jacobson allegedly in default on Design District loan: lawsuit

Remy Jacobson allegedly in default on Design District loan: lawsuit
Vanessa Grout with Vladislav Doronin

Vanessa Grout leaves Ugo Colombo’s firm to lead OKO Group’s real estate arm

Vanessa Grout leaves Ugo Colombo’s firm to lead OKO Group’s real estate arm
Rendering of the project with Jon Paul Pérez (top) and Jorge Pérez 

Related switches gears on Terminal Island project, now plans low-rise offices

Related switches gears on Terminal Island project, now plans low-rise offices
Inside South Florida’s mall, retail and restaurant reopenings

Inside South Florida’s mall, retail and restaurant reopenings

Inside South Florida’s mall, retail and restaurant reopenings
Edgardo Defortuna and a rendering of La Playa de Varadero

Not stopping for the pandemic: Fortune, Château could launch Sunny Isles project by year-end

Not stopping for the pandemic: Fortune, Château could launch Sunny Isles project by year-end
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...