Melo Group Buys Miami Apartments for $105M

Biscayne Place. Image courtesy of Avison Young

The Melo Group has acquired Biscayne Place from Midgard Group for $105 million. The property comprises an entire block in Miami’s Edgewater neighborhood and offers the firm a residential and mixed-use development opportunity near the downtown Arts & Entertainment District.

Biscayne Place is located at 1700 Biscayne Blvd. between Northeast 17th Street and Northeast 17th Terrace. The property encompasses slightly more than 3 acres within an Opportunity Zone and is currently occupied by a restaurant, several commercial buildings, vacant land and parking lots. Midgard began assembling the parcel in 1999, paying a combined $8.2 million, according to the Commercial Observer.

Biscayne Place is situated east of Wynwood and Midtown, and north of Downtown. The property benefits from access to major roadways that include I-95, I-395 and I-195, and proximity to South Beach and the Brightline inter-city express train at MiamiCentral station.

Development Plans

The buyer intends to build to build apartments, condominiums, and retail within four 60-story towers on the site, which provides substantial frontage on Biscayne Boulevard. Melo’s planned high-rise development will have views of the neighborhood and Miami and is within walking distance of the Arts & Entertainment District.

Melo has developed multifamily properties throughout downtown Miami, including Miami Plaza and Downtown 5th, and is currently building Downtown 1st. The company has completed more than 6,000 condominium and rental units since 2001 and has more than 2,000 units in the works, according to the firm.

Miami has around 5,805 residential units under construction in a three-mile radius of the city, with another 19,154 units planned, according to Yardi Matrix. The city has seen 15 multifamily properties trade hands during the past five years, with an average sale price per unit of $256,236.

Melo was represented by Global Investments Realty Principal Joel Rodriguez. Midgard was represented by Avison Young Principal and Managing Director Michael Fay, Principals John K. Crotty and David Duckworth, Vice President Brian de la Fe and Associate Berkley Bloodworth. Fay noted the sale represented the highest price per square foot for any non-waterfront property in the Arts & Entertainment District.