MIAMI—Last week, the Miami City Commission, along withMayor Tomas P. Regalado, proclaimed Dec. 11 as“Jose Luis Melo Day” in a tribute to the patriarch of theMelo Group. Melo is the family-owned residentialhigh-rise development firm credited with reviving South Florida'spreconstruction condo market after the 2007 real estate crash.

Back in 2011 as this current real estate cycle was starting, theMelo launched presales for the 23 Biscayne Bay condo tower in theEdgewater neighborhood of Greater Downtown Miami using a 50%deposit structure for preconstruction buyers that has become thenorm in South Florida. By comparison, most developers during thelast condo boom collected 20% deposits from presale buyers, leadingsome industry watchers to conclude this approach led to widespreadspeculation and overbuilding.

To date, Melo “has completed six successful rental andcondo towers in the Edgewater area and have another half dozen inplanning or construction,” according to the official proclamationsigned by Regalado and City Commission Chairman WillyGort. Melo was also featured as Daily BusinessReview “Peopleof the Year.”