MIAMI—Locally-based real estate development firm Melo Group hasclosed on the $28 million purchase of prime land fronting BiscayneBoulevard between 18th and 19th Streets in Downtown Miami's Arts& Entertainment District. The 68,400-sqaure-foot lot spans afull city block and is zoned for a transit-oriented mixed-useresidential development with up to 800 units and street-levelretail. Joel Rodriguez of Global Investments Realty representedboth the buyer and seller in the transaction.

Carlos Melo, principal of The Melo Group, says that althoughplans for the property have not been established, the land is zonedfor a transit-oriented, mixed-use residential development with upto 800 units and street-level retail. Melo says there are multipledevelopments planned in nearly every direction from the property.Across the street, the 1836 Biscayne apartment tower is planned byFifteen Group, while a 53-story project known as V Downtown isproposed on the lot just south. Kushner companies is planningmultiple tower at 1900 Biscayne and 2000 Biscayne where they areabout to break ground.