Miami-based real estate developer Melo Group continues to expand in the Greater Downtown Miami area with the recent acquisition of several development sites in the Town Square neighborhood near Miami’s Arts & Entertainment District. First reported by The Real Deal, the transaction includes the interior lots of 1301 North Miami Avenue and 1304 North Miami Court, netting 17,340 square feet, sold by the Robin H. Greene Trust, as well as the interior lots of 1312, 1326 and 1334 Northeast Miami Court, sold by Art Center LLC and Art Center Developers LLC, netting 17,660 square feet of land. Melo Group, led by Jose Luis Ferreira de Melo, Martin Melo and Carlos Melo, acquired a total of 35,000 square feet of land for $16.5 million.
The newly acquired properties are within close proximity of Melo’s 36-story Art Plaza at 58 Northeast 14th Street and 34-story Square Station at 1424 Northeast Miami Place, both being duo-tower apartment complexes. Just south of the assemblage is the Interstate 395/MacArthur Causeway, and the site of the under construction Signature Bridge. The properties are currently zoned T6-24-A, which allows for the construction of a 24-story tower or more with bonuses, and up to 500 apartments per acre.
Subject Property. Courtesy of Google Maps.
Subject Property. Courtesy of Google Maps.
Subject Property. Courtesy of Google Maps.
The developer has managed to successfully complete the development of 6,000 condo and rental units throughout Greater Downtown Miami, with another 2,500 units in development.
Joel Rodriguez of Global Investments Realty brokered the deal for the 35,000-square-foot assemblage.
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