Melo Group says construction crews have topped off its Downtown 5th development’s 52-story East Tower, with top-off of the 52-story West Tower expected to follow later this month.
It took just 37 weeks from Downtown 5th’s foundation pour in February to complete vertical construction of the first tower – a record pace averaging about one floor every three days, the developer said in a statement on Nov. 18.
The twin tower development, located at 55 NE 5th Street, will comprise 1,042 rental apartments and approximately 12,500 sq. ft. of ground floor retail. Construction is expected to be completed in Summer 2021.
“We’re bullish on the long-term future of Downtown Miami. Despite a global pandemic, we never stopped building for locals who want to live and work in the urban core,” said developer Carlos Melo, Principal of the Melo Group. “Our strategy has always been to build for what the market demands – and we’re seeing a continued need from the community for good quality, attainably-priced apartments in a convenient, walkable location with access to public transit and nearby amenities.”
Melo Group says it has been a driving force behind Downtown Miami’s real estate resurgence since 2001, with a portfolio of more than 6,000 total condo and rental units completed throughout the Greater Downtown Miami area and another 2,000 units currently in the works.
The developer says in its statement that its next Miami project, Downtown 1st, is now in the planning phase. “Located at 22 SW 1st Street, the 57-story tower will include 570 market-rate rental apartments with 10,000 sq. ft. of office and ground-floor retail space. Construction is expected to launch in late 2021,” the statement says.