Melo Group, one of Miami’s preeminent developers of high-end residential towers, is one step closer to delivering Downtown 5th: the single largest multifamily development ever built in Downtown Miami’s Central Business District. Construction crews have officially topped off the project’s 52-story East Tower, with top-off of the 52-story West Tower expected to follow later this month. It took just 37 weeks from Downtown 5th’s foundation pour in February 2020 to complete vertical construction of the first tower – a record pace averaging about one floor every three days. The twin tower development, located at 55 NE 5th Street, will comprise 1,042 rental apartments and approximately 12,500 square feet (1,161 square meters) of ground floor retail. Construction is expected to be completed in Summer 2021.
“We’re bullish on the long-term future of Downtown Miami. Despite a global pandemic, we never stopped building for locals who want to live and work in the urban core,” said developer Carlos Melo, Principal of the Melo Group. “Our strategy has always been to build for what the market demands–and we’re seeing a continued need from the community for good quality, attainably-priced apartments in a convenient, walkable location with access to public transit and nearby amenities.”
In June 2020, Melo delivered its sixth tower in Downtown’s Arts & Entertainment District, the 425-unit Miami Plaza, marking the final phase of the firm’s plan to activate the once-blighted neighborhood with over 2,300 transit-oriented residential units in just under four years. The firm’s previously competed buildings in the area – all of which are near full occupancy – include the twin tower 667-unit Art Plaza, which delivered in 2019; the twin tower 710-unit Square Station, which delivered in 2018; and the 479-unit Melody Tower, which delivered in 2016.
The rise of Downtown 5th follows a decade of growth that has solidified Downtown Miami as an economic engine and global destination. Miami’s urban core is now home to approximately 100,000 residents – up more than 50 percent since 2010 – and welcomes 250,000 visitors and workers daily, as per the Miami Downtown Development Authority’s (DDA) most recent Demographics Report. According to the agency, Downtown Miami is the source of annual economic output valued at more than US$38 billion, with the district being home to more companies and jobs than any other neighborhood in Florida.
“Downtown Miami has evolved into a global destination for business and lifestyle. We’re seeing people moving and opening up companies here from major cities across the U.S. and abroad in search of lower taxes, improved quality of life, and reduced expenses,” said developer Martin Melo, Principal of the Melo Group. “As more and more businesses look to relocate or expand to Downtown Miami, we’re building housing for the thousands of employees that will come with them and need a place to live.”
With pre-leasing expected to begin in Spring 2021, Downtown 5th will offer apartments ranging from studio to three-bedrooms layouts.
Units will feature expansive balconies with bay and city views, floor-to-ceiling sliding doors, energy-efficient tinted glass, European-style kitchen and bathroom cabinetry, granite countertops, double door refrigerators, stainless steel appliances, spacious living and dining rooms, ceramic tile and laminated wood flooring, and full-size washer and dryers.
Building amenities will include three swimming pools, a state-of-the-art fitness center, social room, game room and café.
Downtown 5th’s location in the heart of Downtown Miami’s Central Business District will put residents within blocks of some of the most exciting demand drivers in Miami, including: Museum Park, home to the Perez Art Museum Miami and the Frost Museum of Science; the Adrienne Arsht Center for the Performing Arts; the AmericanAirlines Arena; Bayside Marketplace; and Miami-Dade College’s Downtown Miami campus. The development is within walking distance of multiple public transit options and is situated directly adjacent to the College North Metromover Station.
Melo Group’s next residential project in Downtown Miami, Downtown 1st, is now in the planning phase. Located at 22 SW 1st Street, the 57-story tower will include 570 market-rate rental apartments with 10,000 square feet of office and ground-floor retail space. Construction is expected to launch in late 2021.
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