Melo Group has closed on the purchase of another development property.
A spokesperson for Melo today confirmed the purchase at a price of $28 million in a statement.
The newly purchased property is on Biscayne Boulevard, between 18th and 19th Streets.
The 68,400-square-foot lot spans a full city block and is zoned for a transit-oriented mixed-use residential development with up to 800 units and street-level retail. Joel Rodriguez of Global Investments Realty represented both the buyer and seller in the transaction.
In 1990, developer Isaac Shih had proposed a Chinatown development with 200 condo units and three stories of Chinese businesses on the property. The developer caused an uproar by demolishing several historic buildings on the property, and the project was eventually shelved.
There are multiple developments planned in nearly every direction from the property. Across the street, the 1836 Biscayne apartment tower is planned by Fifteen Group, while a 53-story project known as V Downtown is proposed on the lot just south. Kushner companies is planning multiple tower at 1900 Biscayne and 2000 Biscayne where they are about to break ground.
The Melo Group has helped put Miami’s Arts & Entertainment District on the map, activating the area with nearly 3,000 transit-oriented residential units and over 45,000 square feet of retail/restaurant space over the last five years. Recently completed developments in the area include the sold-out 648-unit Aria on the Bay luxury condominium, the 497-unit Melody rental tower, the 710-unit Square Station multifamily development and the 667-unit Art Plaza apartment towers. The firm is also currently finishing up construction on the 437-unit Miami Plaza rental tower, which is slated for delivery in mid-2020.
Source: The Next Miami