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Cashflow In Miami
January 7, 2022

Melo is Unstoppable!

Over 3 acres between Biscayne Boulevard and Northeast Second Avenue as well as Northeast 17th Street and 17th Terrace, Edgewater. Property was for sale for $110 million and closed for $105 million. Martin Melo leads the company with his brother Carlos and their father Jose Luis Ferreira de Melo. The three moved from Argentina to Miami when they saw the city’s potential during a 2001 visit. The firm’s latest purchase is a long-term investment play, as development plans are yet to be hammered out and city approvals sought. The preliminary vision is for a four-tower complex that could rise up to 60 stories with both apartments and condominiums as well as retail. The site now is home to a Burger King and a two-story mixed-use commercial building, both fronting Biscayne Boulevard, as well as a house farther west at 221 and 235 Northeast 17th Street that has been converted to commercial uses. Most of the parcels are vacant or parking lots.

Melo is currently constructing Aria Reserve, a two-tower, roughly 800-unit condo development at 711 Northeast 23rd Terrace. In June, it launched sales of the first tower, with 391 units. Melo assembled the land for the project over the course of a decade.

Melo had also completed a pair of 52-story towers, called Downtown 5th, in August, 2021.

They have also purchased The Robin H. Greene Trust 1301 North Miami Avenue and 1304 North Miami Court, totaling 17,340 square feet of land. Art Center LLC and Art Center Developers LLC, led by Randy Levine, sold 1312, 1326 and 1334 Northeast Miami Court, totaling 17,660 square feet. Purchase price was $16,5 million.

The properties are zoned T6-24-A, which means Melo could build a 24-story building or taller with bonuses.

Northeast 2nd Avenue, between Northeast 22nd Street and Northeast 23rd Street.

Cardinal Plaza is going vertical!

Cardinal Plaza will include 441 residential units and an unspecified amount of commercial and retail on a 1.8-acre site.

It has built 6,000 condo and rental units throughout Greater Downtown Miami and has 2,500 units in development. The company has been successful so far with its market-rate rental towers, leasing up quickly and securing long-term debt.

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