Melo Buys Another Downtown Lot, 500 Units In 80 Stories Permitted

Melo Group purchased yet another downtown Miami lot last week.

The developer paid around $13 million for a 24,187-square-foot property at at 34 Southwest First Street. The land is currently used as a surface parking lot.

Melo is considering building a high-rise apartment tower, a broker involved in the sale told The Real Deal. A tower as tall as 80 stories is permitted by zoning, with up to 500 units.