Melo Group announced Friday that it has completed the second tower at Downtown 5th, consisting of two identical 52-story apartment towers. The project is already 100% pre-leased.
It is the largest multifamily project in Downtown Miami’s Central Business District, with 1,042 rental apartments in total and 12,500 SF of ground-floor retail. Units of 650 SF to 1,200 SF leased for $1,700 to $4K.
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“We continue to invest in areas where we see demand for high-quality rental product fueled by population and employment growth,” Melo Group principal Carlos Melo said in a statement. “We completely pre-leased Downtown 5th’s East Tower before even opening our doors, while the West Tower leased up shortly after, which points to the clear need for the communities we are building.”
The announcement said that approximately 25% of leases at Downtown 5th were signed by out-of-state renters moving to Miami. The development broke ground in late 2019 and was completed in 18 months.
The Next Miami reported that one tower opened to residents in July and the second is awaiting a temporary certificate of occupancy. When the first opened, all 521 units were pre-leased and the second tower was 60% pre-leased; in the intervening month, the remaining 40% leased up.
Melo Group is run by a close-knit Argentine family that started building in Miami two decades ago. They have completed 6,000 apartments. In a span of four years, the firm built 2,300 units clustered in the Arts & Entertainment District, spurring a pedestrian-friendly neighborhood.
Melo Group is planning 2,500 more units in Miami's Central Business District over the next two years. A project called Downtown 1st will be a 57-story tower with 560 apartments, and Downtown 6th will have about 800.
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