The Melo Group just picked up another site in Miami’s Arts & Entertainment District near Edgewater.
Melo paid $28 million for the 1.6-acre block between 18th and 19th streets on the west side of Biscayne Boulevard, according to a spokesperson. The land is zoned for a transit-oriented, mixed-use residential development with up to 800 units and street-level retail.
Property records show the seller is Miami Chinese Community Center Limited, an entity that lists a Bronx, New York address tied to Isaac Shih. The company assembled the land between 1988 and 2007, spending a combined $4.14 million on the parcels.
Melo is land banking. The Miami-based developer has been on a roll, building high-rise multifamily projects scattered throughout the A&E District and Edgewater. Over the last five years, Melo has built nearly 3,000 units in the area with over 45,000 square feet of retail and restaurant space, according to a statement.
Joel Rodriguez of Global Investments Realty brokered both sides of the deal.
Melo recently closed on $142 million in refinancing for Art Plaza, a 667-unit apartment project at 58 Northeast 14th Street with 15,000 square feet of retail space.
The company, led by Carlos Melo, Martin Melo and Jose Luis Melo, also recently filed plans for Island Bay, two 60-story waterfront residential towers in Edgewater.