Melo Group Adds New Projects in Their Bet on Downtown Miami's Central Business District
"We believe in downtown," said Carlos Melo, a principal in the Melo Group. "For us, it is not only the units. It is to bring something more to our communities where people can start enjoying where they live. It is the people who are the soul of the neighborhood."
An Argentine family-run real estate development firm has big plans for the downtown Miami Central Business district.
Led by Jose Luis Ferreira de Melo and his sons Carlos and Martin, the president and two principals of the Melo Group have set their sights on constructing nearly 2,500 additional apartments in high-rise buildings on acquired land in the Central Business District.
The brothers said the takeaway is that for these projects to provide a return on their investment, a new culture will have to take over the Central Business District. That starts with thousands of white-collar workers returning to downtown Miami to work where they live.
In turn, the Melo brothers said, these new residents will be within walking distance or a brief ride on an electric scooter, to one of Miami’s largest employment hubs. And more investment from businesses within the next couple of years will follow to capitalize on the area, just like their work in the Arts and Entertainment District.
“We believe in downtown,” Carlos Melo said. “For us, it is not only the units. It is to bring something more to our communities where people can start enjoying where they live. It is the people who are the soul of the neighborhood.”
The Melo Group hailed from Argentina and moved their business to Miami in 2001 with little local experience building projects in the area.
But over the past 20 years, the family-run real estate development firm applied their previous experience in Latin America to deliver over 6,000 residential apartments and condominium units throughout the volatile real estate landscape in downtown Miami, primarily in Edgewater, and the Downtown Arts & Entertainment and Central Business Districts. They alternate between market-rate apartment rentals and luxury towers in unproven neighborhoods.
And their investment in the Central Business District follows their work in the Arts and Entertainment District. The brothers said the area was primarily vacant for decades, with just a metro station.
Since then, several near full occupancy projects, such as the 710-unit twin tower Square Station, the 479-unit Melody Tower and the 425-unit Miami Plaza, all connected by an indoor and outdoor retail and dining promenade, have helped turn the downtown Arts & Entertainment District into a thriving community.
Now, the Melo Group has broken ground on their new project, Downtown 1st.
And at 57 stories, Downtown 1st will the tallest building constructed by the Melo Group. It will have 560 apartments, 2,925 square feet of retail and 12,930 square feet of office space. The construction for Downtown 1st started in March and its projected completion is in 2022.
Meanwhile, a third multifamily development in the area, Downtown 6th, is in the development pipeline. Downtown 6th will be adjacent to the Central Baptist Church and Downtown 5th, which is a previous project whose construction is now complete. At 52 each stories, the Downtown 5th twin towers will deliver 1,402 rental apartments upon its opening this summer. The Melo Group has launched a pre-leasing campaign for Downtown 5th.
The Melo Group is an integrated company. The design, architecture and construction is all done in house. That was especially useful during the coronavirus pandemic, which enabled the company to build Downtown 5th in only eight months.
But the brothers said the secret to their success is the pride the Melo Group takes in being community builders. For instance, they said it is not cheap to live in downtown Miami and some of these Central Business District structures will change that.
“When you create something, it is not only about money, it is about transforming places.” Martin Melo said. “At the end of the day, those places are going to be there forever and we want people to enjoy it.”
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