Melo Group has purchased another downtown Miami lot, according to The Real Deal.
The company paid $10 million for a 45,433-square-foot surface parking lot owned by Christ Fellowship Baptist Church at Northeast Fifth Street and Miami Avenue.
A building with up to 1.09 million-square-foot and 1,043 residential units can be built. Zoning permits up to 80 stories.
As part of the deal Melo must build a 300-space parking garage for the church, which will likely cost the developer millions more.
A federal prison is directly across the street to the south. To the north is the lot that the church sold to Turkish developer Okan Group, which plans a 1,000-foot mixed-use tower.
Melo is now analyzing the highest and best use for the lot, the company said in a statement. An attorney for the seller said the company is considering rental apartments.
a concept project once prepared for the lot, when it was combined with the okan land: