The Real Deal Miami

Melo files plans for 1K-unit rental tower in downtown Miami

The 55-story high-rise would be on same block as planned Okan Tower
By Katherine Kallergis |
Research by Haru Coryne
January 02, 2019 09:45AM

Rendering of Downtown 5th and Melo principals Carlos and Martin Melo

The Melo Group is moving forward with its plans for another large-scale apartment project in downtown Miami.

The local developer filed a building permit for a 1,042-unit high-rise at 501 North Miami Avenue, next to Christ Fellowship Baptist Church. A spokesperson for Melo said the company hopes to break ground on the 55-story building by 2020. It would rise next to Okan Group’s planned 70-story hotel and condo tower.

Melo had been assembling lots for its planned construction since last year.

In July, Melo’s 6 Plaza LLC paid $10.75 million for a portion of the property at 500 Northeast First Avenue. In 2017, Melo’s 5 Plaza LLC paid $10 million for a 44,000-square-foot parking lot next to the church. Another Melo company, 6 Plaza II LLC, paid another $7.55 million for an adjacent 15,000-square-foot lot in April, according to property records, spending a total of $28.3 million for more than half of that block.

The church will keep its main building on the southeast portion of the property that Melo acquired in July. As part of its arrangement with Christ Fellowship, Melo agreed to build a 300-space parking garage that will be deeded back to the church.

Melo has been active in the Greater Downtown Miami market. Last month, it secured a $142 million refinance for Square Station, a recently completed two-tower, 710-unit apartment development at 1424 Northeast Miami Place in the Arts & Entertainment District. The firm is also building Art Plaza, two 34-story buildings with 667 multifamily units at 58 Northeast 14th Street. Melo scored an $85 million construction loan from Ocean Bank for that project this past summer.