Melo Group has recently expanded the development potential of its property at 1700 Biscayne Boulevard in Miami’s Arts & Entertainment District. The developer is now authorized to construct 2,471 residential units on this property, marking a substantial increase from the previously allowed 1,518 units. This enhancement in development capacity comes from acquiring rights for an additional 955 units from an affiliate of Stiles Corporation, which owns the Publix property across the street at 1776 Biscayne.
As reported by The Next Miami, the transaction included transferring 400,000 square feet of Floor Lot Ratio (FLR) and an impressive 730,000 square feet of bonus FLR from the Publix property to Melo Group’s site. This strategic acquisition of density and FLR rights significantly bolsters the scope of the proposed development project.
In 2021, Melo Group acquired the city block opposite the Omni at 1700 Biscayne for $105 million, laying the groundwork for an ambitious multi-tower development. At that time, the developer unveiled plans to erect four towers, each potentially soaring up to 60 stories. The envisioned project would integrate a mix of apartments, condos, and retail spaces, creating a multifaceted urban hub.
The development project is structured to allocate development rights across two parcels, A and B. Parcel A, measuring 132,313 square feet, is permitted a base FLR of over 2.9 million square feet and a bonus FLR of approximately 1.16 million square feet. On the other hand, Parcel B is smaller at 83,091 square feet, with a base FLR and bonus FLR rights reflecting its size. The additional FLR acquired from the Publix property will undoubtedly play a pivotal role in realizing the full potential of this development.
The conceptual rendering for 1700 Biscayne envisions a striking complex of towers, each exhibiting a sleek, contemporary design. The structures ascend with angular prominence and a harmonious display of linear accents. The base of these structures appears to be activated with glass-fronted spaces hinting at bustling retail and communal areas. Balconies and lush plantings intersperse the facade, blending urban living with touches of greenery, indicative of Miami’s vibrant fusion of culture and nature.
Construction for Phase I is targeted to begin in the first quarter of 2024, with completion anticipated by the first quarter of 2027.