Melo pays $10M for downtown Miami church lot, with possible plans for rentals

Zoning allows a 1.09M sf building with 80 stories, or 1,131 feet, to be built on the surface lot

Miami /
Jul.July 12, 2017 05:15 PM

UPDATED July 13, 3:05 p.m.: The Melo Group just paid $10 million for a downtown Miami church’s surface parking lot, where it may develop a high-rise rental project, The Real Deal has learned.

The Miami-based, family-run real estate development company is buying the 45,433-square-foot surface parking lot at Northeast Fifth Street and Miami Avenue from Christ Fellowship Baptist Church. The Baptist organization owns and holds services at the Central Baptist Church at 500 Northeast First Avenue.

Real estate broker Joel Rodriguez, president of Global Investments Realty, told TRD he represented both sides of the deal. It closed on Wednesday.

In March, Christ Fellowship sold another nearby parking lot of 37,500 square feet to the Instanbul-based Okan Group for $18.1 million. The Okan Group plans to build a mixed-use project on its portion of the lot.

The Central Baptist Church building itself, which was built in 1926 and is historically designated, is not being sold and will continue to hold services on site, said Tracy Lautenschlager, a Fort Lauderdale-based Greenberg Traurig attorney who represents Christ Fellowship. In fact, as part of the deal, the Melo Group must also build a 300-space parking garage that will be deeded back to the church.

“This [sale] provides great resources for the church to continue operating downtown and ensure that they have parking for their own services and ministries going forward,” Lautenschlager said. “And it provides resources to keep up the historic property.”

Lautenschlager said the Melo Group is contemplating developing a rental project on the site.

Under current zoning of T6-80, a 1.09 million-square-foot building 80 stories — or 1,131 feet tall — can built on the surface lot the Melo Group intends to purchase, Rodriguez said. The zoning also allows for up to 1,043 residential units.

Melo confirmed the transaction and said the firm is still considering various uses for the property.

Related Articles

arrow_forward_ios
Miami-Dade Mayor Daniella Levine Cava and an aerial of the Government Center redevelopment (Getty, Google Maps)
Miami-Dade seeks partners for Government Center redevelopment
Miami-Dade seeks partners for Government Center redevelopment
Miami Mayor Francis Suarez and Commissioner Joe Carollo (Getty)
Controversial Virginia Key homeless camp plan put on hold
Controversial Virginia Key homeless camp plan put on hold
Hyatt CEO Mark Hoplamazian and Gencom Founder and Principal Karim Alibhai with a rendering of the proposed three-tower development at 400 Southeast Second Avenue (James L. Knight Center) (LinkedIn, Gencom, Arquitectonica)
Hyatt, Gencom score Miami commission approval for James L. Knight Center referendum
Hyatt, Gencom score Miami commission approval for James L. Knight Center referendum
Lions Group's Albert Shirian, Fortis Design + Build's Andrew Lenahan and David Polinsky with renderings of the M Tower apartment project (LinkedIn, Fortis Design + Build, Nichols Architects)
Lions, Fortis Design propose 57-story apartment tower in downtown Miami
Lions, Fortis Design propose 57-story apartment tower in downtown Miami
Marc Anthony with One Thousand Museum (Getty, Refin)
Marc Anthony among buyers at Zaha Hadid-designed One Thousand Museum
Marc Anthony among buyers at Zaha Hadid-designed One Thousand Museum
Property Markets Group’s Ryan Shear, Kevin Maloney, Dan Kaplan and Greybrook’s Peter Politis with rendering of The Elser Hotel & Residences (Property Markets Group, Greybrook, Levy PR, iStock)
Here’s what happens to renters after developer converts Miami apartment tower to condos
Here’s what happens to renters after developer converts Miami apartment tower to condos
Plaza 100 building and the Brickell Arch office tower (JLL, Brickell Arch, iStock)
Lease roundup: Ritz Carlton’s yacht service leases in Fort Lauderdale, Hermès at 150 Alhambra
Lease roundup: Ritz Carlton’s yacht service leases in Fort Lauderdale, Hermès at 150 Alhambra
The Comras Company's Michael Comras with 6901 Biscayne Boulevard (Getty, The Comras Company, iStock)
Up in smoke? Comras loses bid to open medical marijuana dispensary
Up in smoke? Comras loses bid to open medical marijuana dispensary
arrow_forward_ios

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

Loading...