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

TRD 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
249 Northwest 6th Street and Michael Swerdlow (Google Maps, Swerdlow Group)

Developers buy land, score $25M loan for Target-anchored mixed-use project in Overtown

Developers buy land, score $25M loan for Target-anchored mixed-use project in Overtown
1100 Biscayne Boulevard, Miami

Marquis vs. ‘The King of Miami Real Estate’: Condo tower seeks to evict agent for not wearing face mask

Marquis vs. ‘The King of Miami Real Estate’: Condo tower seeks to evict agent for not wearing face mask
(iStock)

A buyer’s market: Condo supply soars in downtown Miami

A buyer’s market: Condo supply soars in downtown Miami
Nitin Motwani, Sankesh Abbhi and 1016 Northeast Second Avenue (Google Maps)

Miami Worldcenter developer sells site to Abbhi Capital for $24M

Miami Worldcenter developer sells site to Abbhi Capital for $24M
One Thousand Museum

Chicago investor pays $11M for units at One Thousand Museum

Chicago investor pays $11M for units at One Thousand Museum
Dan Kodsi and Legacy Hotel & Residences

For future pandemics, Miami Worldcenter plans $60M health center

For future pandemics, Miami Worldcenter plans $60M health center
Denis-Christel Sassou Nguesso and 900 Biscayne Boulevard (Credit: Wikipedia and Facebook)

Congo president’s son allegedly used embezzled money to buy Miami condo

Congo president’s son allegedly used embezzled money to buy Miami condo
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
arrow_forward_ios

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

Loading...