Demand for apartments in downtown Miami is so strong that a newly completed 53-story by Melo Group at Downtown 5th was completely pre-leased before it even opened.
The first tower at Downtown 5th is now completed and ready for residents to move in, Melo said.
A Melo spokesperson told The Next Miami that the east tower has now received a TCO from the city allowing tenants to begin moving in.
The west tower is scheduled to open in late August or early September.
Downtown 5th, is the biggest rental apartment complex ever built in Miami’s Central Business District.
There are two towers in the complex. Each tower contains 521 units, for a total of 1,042 apartments.
The east tower saw 100% of the 521 units pre-leased before it was complete, Melo said.
The west tower’s 521 units are already 60% pre-leased with over a month remaining before opening.
Many of the new residents at Downtown 5th are moving from other parts of the country. According to Melo, 25% of the new residents are relocating from elsewhere in the U.S.
Construction on the first Downtown 5th tower began in December 2019, with top off taking place in 47 weeks, which was said to be a record for a building of its size.