One of Miami’s most active real estate developers, the Melo Group, is planning on developing four mixed-use towers at 1700 Biscayne Boulevard in the Arts & Entertainment District – previously known as the Omni District. According to The Real Deal, the developer is currently in contract to purchase the entire city block for $105 million in an all-cash deal, and will reportedly close some time later this month. The preliminary plans call for a complex of 60-story towers with a mix of condominiums and rental apartments with retail spaces across an assemblage spanning 3 acres.
The city block is located Northeast 17th Terrace and Northeast 17th Street, bounded by Northeast 2nd Avenue on the west and Biscayne Boulevard on the east. The 3-acre assemblage adds up to a combined 132,241 square feet, and is currently home to several establishments including a Burger King – specifically at 1700 Biscayne Boulevard, a 2-story commercial building at 1730 Biscayne Boulevard, and a 2-story home – converted for commercial uses – at 221 and 235 Northeast 17th Street. The remaining parcels of land are either used for parking or are vacant.
1700 Biscayne Boulevard in the Arts & Entertainment District. Courtesy of Google Maps.
1700 Biscayne Boulevard. Courtesy of Google Maps.
1730 Biscayne Boulevard. Courtesy of Google Maps.
1707 Northeast 2nd Avenue. Courtesy of Google Maps.
1707 Northeast 2nd Avenue. Courtesy of Google Maps.
221 and 235 Northeast 17th Street. Courtesy of Google Maps.
Melo Group already has several completed residential projects in the neighborhood including Melody Tower at 245 Northeast 14th Street, Miami Plaza at 1500 Northeast Miami Place, Square Station at 1420 Northeast Miami Place and Art Plaza at 58 Northeast 14th Street. The developer also has several other projects either completed or underway in Miami such as the twin 52-story Downtown 5th rental towers at 55 Northeast 5th Street, the 57-story Downtown 1st currently under construction at 30 Southwest 1st Street, and is planning 62-story twin Aria Reserve condo towers along Biscayne Bay in Edgewater. Melo has completed approximately 6000 residential units with another 2500 in the works.
Michael Fay and John Crotty of Avison Young is representing the seller. The Melo Group is being represented by Joel Rodriguez of Global Investments Realty.
Demolition permits will be required for the clearance of all existing structures. Melo will most likely develop the property in the coming years.
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