Melo Group pays $17M for assemblage north of downtown Miami

Properties are on North Miami Avenue, 13th Street

Miami /
Aug.August 31, 2021 02:30 PM
1301 North Miami Avenue with Martin Melo and Carlos Melo (Google Maps)

1301 North Miami Avenue with Martin Melo and Carlos Melo (Google Maps)

The Melo Group is continuing to invest in Greater Downtown Miami, likely with plans for another rental development.

The Miami-based company, led by Jose Luis Ferreira de Melo, Martin Melo and Carlos Melo, paid $16.5 million for an assemblage near Melo’s Art Plaza and Square Station apartment towers in Miami’s Arts & Entertainment District, The Real Deal has learned.

The Robin H. Greene Trust sold 1301 North Miami Avenue and 1304 North Miami Court, totaling 17,340 square feet of land. Art Center LLC and Art Center Developers LLC, led by Randy Levine, sold 1312, 1326 and 1334 Northeast Miami Court, totaling 17,660 square feet.

Joel Rodriguez of Global Investments Realty brokered the deal for the 35,000-square-foot assemblage. It is west of the Adrienne Arsht Center for the Performing Arts.

The properties are zoned T6-24-A, which means Melo could build a 24-story building or taller with bonuses.

Melo Group, which declined to comment on its plans for the site, has been incredibly active in the area stretching from downtown Miami to Edgewater. It has built 6,000 condo and rental units throughout Greater Downtown Miami and has 2,500 units in development. The company has been successful so far with its market-rate rental towers, leasing up quickly and securing long-term debt.

Earlier this year, Melo closed on a $99 million refinancing for Miami Plaza, a 425-unit tower at 1500 Northeast Miami Place.

In 2019, Melo secured a $142 million refinancing for Art Plaza, a 667-unit apartment project at 58 Northeast 14th Street in 2019. A year earlier, it closed a similar loan for Square Station, a two-tower, 710-unit apartment development at 1424 Northeast Miami Place. Both have ground-floor retail space.

In June, Melo launched sales of Aria Reserve Miami, a two-tower, roughly 800-unit luxury condo project planned for 711 Northeast 23rd Terrace in Edgewater that was previously called Island Bay.





    Related Articles

    arrow_forward_ios
    Art Basel Miami Beach (Illustration by the Real Deal with Getty, Master Brokers Forum)
    South Florida by the numbers: Art Basel at 20
    South Florida by the numbers: Art Basel at 20
    The site at 1431 North Bayshore Drive with Genting CEO Lim Kok Thay (Genting)
    Genting wants over $1B for waterfront Miami site
    Genting wants over $1B for waterfront Miami site
    First Quality Enterprises' Kambiz Damaghi along with a rendering of the two proposed residential towers next to MiamiCentral (Getty, First Quality Enterprises, Facebook/Clinton County Economic Partnership, Zyscovich)
    Damaghi family buys resi tower dev sites next to MiamiCentral
    Damaghi family buys resi tower dev sites next to MiamiCentral
    French soccer player Paul Pogba and a rendering of Aria Reserve Miami in Miami's Edgewater neighborhood (Getty, Melo Group)
    Consolation prize? Soccer pro Paul Pogba buying Miami condos
    Consolation prize? Soccer pro Paul Pogba buying Miami condos
    Aria's David Arditi with rendering of 501 Residences (Aria Development Group, Getty)
    Aria JV scores $81M construction loan for downtown Miami condo project
    Aria JV scores $81M construction loan for downtown Miami condo project
    From left: Bel Invest's Maximillian Beltrame, Mast Capital's Camilo Miguel, and PMG's Ryan Shear (Getty; Illustration by Kevin Rebong for The Real Deal)
    Life after FTX: What happens to the crypto buyer pool now?
    Life after FTX: What happens to the crypto buyer pool now?
    River Landing Shops and Residences with Andrew Hellinger and Coralee Penabad of Urban-X Group (UrbanX)
    Lease roundup: Urban-X, Motwani, Falcone, CIM Pebb score tenants
    Lease roundup: Urban-X, Motwani, Falcone, CIM Pebb score tenants
    From left: Hyatt's Mark Hoplamazian and Gencom's Karim Alibhai along with a rendering of the proposed James L. Knight Center, a three-tower development at 400 Southeast Second Avenue (Getty, Hyatt, Gencom)
    Miami voters approve James L. Knight Center redevelopment
    Miami voters approve James L. Knight Center redevelopment
    arrow_forward_ios

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

    Loading...