Melo Group Tops Off Miami Twin Towers
Downtown 5th will have more than 1,000 units and 12,500 square feet of retail space when completed in summer 2021.
Downtown 5th, a downtown Miami mixed-use multifamily property with 1,042 units planned for two 52-story buildings, is moving closer to completion as construction crews have topped off the East Tower and expect to top off the West Tower later this month. Developer Melo Group expects construction to be completed in summer 2021 with pre-leasing beginning in spring 2021.
“Since we broke ground on Downtown 5th last year, we’ve been getting a lot of interest from the surrounding community for this type of product. There is very little attainably-priced residential product available in downtown Miami. We’re bringing the best product to the best location at the best price for locals who want to live, work and go to school in downtown’s CBD, with Miami-Dade College’s Wolfson Campus just a few blocks away,” Martin Melo, principal of Miami-based Melo Group, told Multi-Housing News.
In addition to demand from local residents, Melo said downtown Miami has evolved into a global destination for businesses and those seeking the Miami lifestyle. The metro has seen people moving from other parts of the United States and abroad in search of lower taxes, reduced living and business expenses and improved quality of life amid fear of rising COVID-19 cases this winter, he said.
Located at 55 NE Fifth St., the project will also feature approximately 12,500 square feet of ground-floor retail. Melo said the retail would be similar to offerings at most of its other apartment buildings.
“We see value in offering tenants service-related retail options where they can get whatever they need within a few blocks of their apartment—things like fast-causal restaurants, nail and hair salons, barber shops, dry cleaners, etc.,” Melo said.
The residential towers will offer apartments ranging from studios to three-bedroom floorplans. Units will have expansive balconies with bay and city views, floor-to-ceiling sliding doors and energy-efficient tinted glass. Features will include European-style kitchen and bathroom cabinetry, granite countertops, stainless steel appliances including double-door refrigerators, ceramic tile and laminated wood flooring and full-size washer and dryers. Community amenities will include three swimming pools, fitness center, social room, game room and café.
The property’s downtown location is in the heart of the Miami Central Business District. Residents will be near Museum Park, 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 transit-oriented development is within walking distance of several public transit options and is adjacent to the College North Metromover Station.
Melo Group Projects
In August, Miami was listed by Yardi Matrix as the third busiest market in the U.S. for multifamily developers with more than 33,500 multifamily units under construction in the metro. As of June, Downtown 5th was the largest of the developments. Melo Group has a portfolio of more than 6,000 condo and rental units completed throughout the greater downtown Miami area and another 2,000 currently in the works.
In June, Melo delivered its sixth tower in Downtown’s Arts & Entertainment District, the 425-unit Miami Plaza. It was the fourth multifamily project 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 area. The 36-story building also features 8,000 square feet of ground-floor retail and restaurant space.
Melo Group’s next residential project in downtown Miami is Downtown 1st, which will be located at 22 SW First St. The 57-story tower will have 570 market-rate units with 10,000 square feet of ground-floor retail and office space. Construction is expected to begin in late 2021.