This could be a big one!
Hopefully a nice 800-900 footer.
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Melo closes on downtown Miami lot near Metromover station: Developer can build up to 500 units and 80 stories on the site
Quote:
Melo Group just paid nearly $13 million for a parking lot near the Miami Avenue Metromover station in downtown Miami.
The 24,187-square-foot property at 34 Southwest First Street traded hands for about $530 per square foot. Records show the seller, Goldstone Property Inc., paid $3 million for the property in 2005.
Marcus & Millichap’s Arthur Porosoff and Ryan T. Shaw represented both sides of the deal. Porosoff said Melo is considering developing a rental project on the site.
Under the site’s T6-80 zoning, the developer could build up to about 500 rental units up to 80 stories tall, Shaw said.
Melo has been ramping up its multifamily development. The Argentine developer has spent about $23 million assembling the site of its Downtown 5th luxury apartment project at 500 Northeast First Avenue.
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