Melo Group Tops Off Miami Twin Towers

Downtown 5 .. Image courtesy of the Melo Group

Downtown 5th, a mixed-use apartment building in downtown Miami with 1,042 units slated for two 52-story buildings, is getting closer to completion as construction workers have climbed the East Tower and slated to climb the West later this month Tower will be rounded off. The developer Melo Group expects the construction work to be completed in summer 2021 and pre-letting to begin in spring 2021.

“Since we laid the foundation stone in Downtown 5th last year, we have received great interest in this type of product from the surrounding community. There are very few affordable housing products in downtown Miami. We bring the best product at the best price to the best place for local residents who want to live, work and go to school in the downtown central business district. Miami-Dade College’s Wolfson campus is just blocks away, ”Martin Melo, director of Miami-based Melo Group told Multi-Housing News.

In addition to local demand, Melo said downtown Miami has become a global destination for businesses and those seeking the Miami lifestyle. On the subway, people from other parts of the U.S. and abroad have moved in search of lower taxes, lower living and business costs, and improved quality of life for fear of rising COVID-19 cases this winter, he said.

The project is located at 55 NE Fifth St. and will also include a retail store on the ground floor covering approximately 12,500 square feet. Melo said retailing would be similar to most other apartment buildings.

“We see value in offering service-related retail options to tenants where they can get everything they need within a few blocks of their apartment – things like quick causal restaurants, nail and hair salons, barbershops, dry cleaners, etc.,” Melo said.

Project details

The residential towers offer apartments that range from studios to three-bedroom floor plans. Units have expansive balconies with bay and city views, floor-to-ceiling sliding doors, and energy-efficient tinted glass. Features include European-style kitchen and bathroom cabinets, granite countertops, stainless steel appliances including two-door refrigerators, ceramic tile and laminate floors, and full-size washers and dryers. The communal facilities include three swimming pools, a fitness center, a social room, a games room and a café.

The property’s downtown location is in the heart of the Miami Central Business District. Residents will be near the museum park, which is home to the Perez Art Museum Miami and the Frost Museum of Science. the Adrienne Arsht Center for the Performing Arts; the American Airlines Arena; and Bayside Marketplace. The walk-through development is within walking distance of several public transportation and is adjacent to the College North Metromover Station.

Melo Group projects

In August, Yardi Matrix listed Miami as the third largest US multi-family developer market with more than 33,500 multi-family units under construction on the subway. As of June, Downtown 5th was the largest of the developments. The Melo Group has a portfolio of more than 6,000 condominiums and rental units that have been completed in the greater downtown Miami area. Another 2,000 are currently in the works.

In June, Melo delivered its sixth tower in the Downtown Arts & Entertainment District, the Miami Plaza with 425 units. It was the fourth multi-family project that the Melo Group had opened in the Arts & Entertainment District since 2016, and the final piece in Melo’s plan to bring 2,300 transit-oriented rental units to the region. The 36-story building also has 8,000 square feet of retail and restaurant space on the ground floor.

The Melo Group’s next residential project in downtown Miami is Downtown 1st, located at 22 SW First St. The 57-story tower will have 570 commercial units with 10,000 square feet of retail and office space on the ground floor. The start of construction is expected for the end of 2021.

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