Melo Group could expand its development pipeline into El Portal after placing a $35 million stalking horse bid for 16 acres along Biscayne Boulevard.
An affiliate of Melo, a Miami-based family run development firm led by brothers Carlos and Martin Melo, made an offer for the former Little Farm Trailer Park at 8500 Biscayne Boulevard that has been managed by a receiver since 2020, Miami-Dade court records show.
The Melos did not respond to a request for comment.
On Monday, Miami-Dade Circuit Court Judge Thomas Rebull authorized Melo’s purchase and sale agreement contingent on the receiver, Akerman attorney Michael Goldberg, being unable to secure a better deal. Rebull also authorized the sale of the property at a Jan. 15 public auction when potential buyers will have the opportunity to outbid Melo’s offer, according to the judge’s order.
An Avison Young team led by Michael Fay and Jay Ziv is marketing the site, which has been vacant since 2016 and is approved for a mixed-use project with up to 150 apartments or condos per acre. A portion of the site within the city of Miami can be developed into 3 million square feet with a mix of residential, retail, office, hospitality and specialty uses, an offering memorandum states.
The trailer park, along with a former U.S. immigration building at 7880 Biscayne Boulevard, entered receivership as a result of a 2020 lawsuit by a group of foreign investors against the previous owners of both properties.
The complaint alleged that Florida Fullview Immigration Building, its manager Leo Wu and other affiliates defrauded more than $50 million from 99 investors seeking permanent U.S. residency through the federal government’s EB-5 visa program.
In a settlement agreement reached last year, Wu agreed to give up the two development sites without a fight, in exchange for receiving $5 million from the proceeds of the sale of both properties. In May of last year, Miami-based B Group Capital Management paid $23 million for the 3.5-acre former immigration building site after no other buyers stepped forward. The Melos have primarily developed condominium and apartment projects in Miami’s Edgewater, Arts & Entertainment District and downtown Miami. The firm has its own general contracting division that recently ranked second among most active construction firms in South Florida with $725.4 million in total project costs across 12 developments.