In one of the largest density transfers along the east coast to date, Melo Group recently picked up rights to add close to 1,000 additional residential units to their 3-acre development assemblage in downtown Miami’s Arts & Entertainment District.
By acquiring unused density from neighbor Stiles’ site at 1776 Biscayne Blvd for $16.3 million, Melo can now build up to 2,500 apartments and condos across four planned towers that may rise as high as 60 stories.
Led by Carlos and Martin Melo, Melo Group originally paid $105 million in 2021 for the full city block spanning 1700 Biscayne Blvd to NE 17th Terrace. With construction costs ballooning industry-wide, adding density through transfers helps improve financial viability.
More units could allow Melo to rent apartments at relatively affordable rates to quickly lease up and stabilize the transit-oriented property. Handling construction in-house also generally lowers project budgets.
The company is known locally for developing thousands of units priced slightly under market averages to drive rapid absorption. Their 70-story Square Station apartments leased up in just three months recently, for example.
With the Biscayne corridor rapidly transforming, Melo Group’s duo of 30+ story towers will only elevate the neighborhood. This density transfer paves the way for the firm to meet downtown’s swelling housing demand with ideally accessible and reasonably priced options.
As Miami’s urban core continues reaching for the skies, Melo now has the capacity to contribute residential space for thousands more residents through clever dealmaking.
Comments