Melo Group has purchased another property next to the Signature Bridge where they can build a tower with hundreds of units.
Under an affiliate known as River Plaza II, the developer paid $16.5 million for a 35,000-square-foot assemblage. The transaction was first reported by The Real Deal.
The newly acquired properties are at 1301 North Miami Avenue and 1304 North Miami Court, and 1312, 1326 and 1334 Northeast Miami Court.
They are currently occupied by a warehouse, and a small apartment building.
Melo’s 36-story Art Plaza is located across the street.
Zoning on the new property allows a 24-story building with 500 units per acre, which is the same that the Art Plaza site had when acquired by Melo.
Melo was able to change zoning on their Art Plaza property in 2017 to allow for a taller tower with more units. They ended up building those towers at 36 stories, although they could have been even taller once zoning was changed.