Melo Group says it has launched construction of Downtown 1st, the firm’s newest transit-oriented development at 22 SW 1st Street in Downtown Miami’s Central Business District (CBD).
The 57-story tower will include 560 market-rate rental apartments with 10,000 sq. ft. of office space and 3,000 sq. ft. of ground-floor retail space, the developer says in a statement. The project is scheduled to be completed in 2022.
Downtown 1st marks Melo Group’s second residential development in Downtown Miami’s Central Business District. Pre-leasing is currently underway for the firm’s twin 52-story Downtown 5th towers, the single largest multifamily project to be built in the CBD, which will deliver 1,042 rental units upon its completion this summer. Melo is also planning to launch a third multifamily development in the area called Downtown 6th, which will include up to 800 rental units. All told, Melo Group is expected to deliver nearly 2,500 residential units to Downtown Miami’s Central Business District over the next two years.
“We’re bullish on Downtown Miami’s Central Business District. Our firm’s guiding principle has always been to build for what the market demands. And now more than ever, we’re seeing people in need of good quality, attainably priced housing in convenient, walkable, urban locations close to their jobs and free public transit,” said Meo Group co-principal Carlos Melo.
“Although there are plenty of new residential towers on the rise across Miami, there are actually very few moderately priced options,” added Martin Melo, co-principal of the Melo Group. “Our buildings in the Central Business District will help fill that void.”
The statement says: “Since arriving in Miami from Argentina in 2001, Melo Group has been a driving force behind Downtown Miami’s real estate resurgence with a portfolio of more than 6,000 total condominium and rental units completed throughout the Greater Downtown Miami area. The firm has found success by investing early in prime land and building for market demand, delivering more than a dozen high-end multifamily and luxury condominium towers over the last decade and a half across the city’s now-thriving Edgewater, Miami River, and Arts & Entertainment District neighborhoods.”