Melo Buys Land Zoned For 80 Stories And 1,043 Units, Plans Rentals
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:
prison photo (jsirba/instagram)
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marc305…totally agree but i dont think they have the guts……
Mana and Jorge need to leave Miami and stop ruining the city
melo will build more rentals where people can live and work in the same district…then…restaurants cafes coffee shops etc…pedestrian movement and so on… with a federal prison across the street…condos might be a tough sell even with fantastic city views
They do likely do rentals at a great rate. Miami needs more affordable rentals like this.
They’ll build inexpensive apartments and try to get as much rent as they can. They’re not a charity.
it’s just a holding facility for people who have court dates at the courthouse across the street
$10,000 per unit value on the dirt?! When was the briefcase full of cash handed over? What a steal.
Need to add the cost of a 300 car garage – $6MM plus land.
Even at $30,000 / space (9.0mm) you’re still looking at an insanely low basis for the property.
A true steal at that location!😏
I guess the church congregation don’t live within walking distance.
I attend that cf campus on the weekends. The surface lot overflows every Sunday to the point where they rent the small lot across the street for additional parking.
This deal includes 300 parking spaces that will be deeded back to the church. They will probably rent it from all week to neighboring businesses and use it for themselves on off times. Sounds like clean rental income. They don’t have to build it and take any risk. So the price sounds different but its a healthy deal.
Yep. Sounds like a good deal for everyone involved.
I don’t see how that works on Sunday morning.
Cheating on Edgewater with Downtown?
Smart builder ….. thinking always in advance
The big question is why does a church wich is supposed to be non profit owns multiple lots worth more than 10 million. It’s time we tax these institutions
Good luck getting Constitutional law changed. Besides, it’s not like they’re abusing it. I’ve seen Scientologists ans Ultraorthodox Jews call their houses religious to avoid paying taxes. That’s abuse. The church likely bought the lots in question when real estate downtown sucked, and now they happen to own a couple goldmines.
Its called a parking lot.
So 1000 units and 2000 car garage? That’s what we should expect in this prime downtown location?
If only Miami would let a developer take advantage of surplus parking at an adjacent building. Next to transit, MTRMVR, and the new train station and everyone will have space for their car and a spare!
“Prime” is an overstatement when it’s next to a prison. Otherwise, it would have been a great TOD location. Hopefully the 300 spaces are for courthouse parking rather than one church.
i wish i was a Melo
dont let melo build in that prime location! their designs are so ugly!
But they will actually build something regardless of the market and not land bank like most other developers.
Beautiful or affordable, make up your mind.
why not some assemblance of both???
Hey mondocondo, they want sirloin steak on a McDonald’s budget.
It’s funny a lot of the affordable stuff in crummy areas looks better than the market-rate and high-end glass and sheet metal excuses for architecture built these days. For example, compare solid-looking developments like the Plaza at the Lyric and Northside Transit Village, to garbage like Centro and Midtown 8.
Uh-oh…Melo’s ugliness is about to envelop few precious blocks that were supposed to be Miami’s postcard to the world. This could be a problem.
You’re kidding right?…building on a “few precious blocks” in that area and that’s supposed to become Miami’s “postcard to the world?”
I guess oceanfront locations will become nothing but relics of the past then.
I have always liked the Melos because they are actual developers, unlike Mana, it will be interesting to see what they do with this project. I just hope they go the maximum 80 stories height. This could be their signature building.