The Real Deal Miami

Melo closes on downtown Miami lot near Metromover station

Developer can build up to 500 units and 80 stories on the site
By Amanda Rabines | August 13, 2018 08:45AM

Downtown Miami lot and Martin and Carlos Melo

Melo Group just paid nearly $13 million for a parking lot near the Miami Avenue Metromover station in downtown Miami.

The 24,187-square-foot property at 34 Southwest First Street traded hands for about $530 per square foot. Records show the seller, Goldstone Property Inc., paid $3 million for the property in 2005.

Marcus & Millichap’s Arthur Porosoff and Ryan T. Shaw represented both sides of the deal. Porosoff said Melo is considering developing a rental project on the site.

Under the site’s T6-80 zoning, the developer could build up to about 500 rental units up to 80 stories tall, Shaw said.

Melo has been ramping up its multifamily development. The Argentine developer has spent about $23 million assembling the site of its Downtown 5th luxury apartment project at 500 Northeast First Avenue.

The firm is also building Art Plaza, a 667-unit multifamily development in Miami’s Arts & Entertainment District.

One of the most active investors in the Flagler Street area of downtown is Moishe Mana, spending nearly $300 million assembling property on or near Flagler. He recently paid $3.5 million for the 8,000-square-foot corner lot at 100 South Miami Avenue, about one block north of the entrance to I-95.