Melo Group Purchases Entire City Block in Edgewater to Build a Four Tower Development
Melo Group has recently purchased an entire 3.04-acre city block for $105 million in Miami's Edgewater neighborhood with the intention of establishing a huge development.
The entire block extends from Biscayne Boulevard to Northwest Second Avenue between Northeast 17th Street and Northeast 17th Terrace with the primary address as 1700 Biscayne Blvd.
The sellers of the land are Biscayne Arts LLC, Biscayne Arts Plaza LLC, Brickell North Investments, and Miami Proarts II but the press release stated that the land is managed by James Goldstein in Fort Lauderdale. They have owned the property for decades and the current block features 2 office buildings, parking lots, and a Burger King.
The Melo Group plans to develop four 60 story towers with condos, apartments, and retail space with the condo units totaling 1,520 residential units. The property was purchased for $105 million at $69,000 per buildable unit.
According to a representative of the Melo Group, "the Biscayne Place sale marks the highest price per square foot for any non-waterfront property in Miami’s Arts & Entertainment District and the second-highest in Edgewater.”
The Melo Group has built more than 6,000 condos in the city throughout the last 20 years with a majority of its projects located in Edgewater as well as the Arts & Entertainment District. If this property moves forward, this will be the largest development that the Melo Group has built in Miami.
