More rentals are coming to downtown near Flagler Street, a short walk from the river
Looking for a downtown rental near Flagler Street? Wait about 18 months; you’ll have plenty of options.
The Melo Group has launched construction on two of three towers it has planned in the downtown core.
The family development firm started construction on its Downtown 1st high-rise at 22 SW 1st St. in March, according to co-principals and brothers Carlos and Martin Melo. The 57-story rental tower will have a total of 560 units with eight retail and restaurant spaces on the ground floor. Completion is slated for late 2022.
Units will range from a one-bedroom, one-bathroom to a three-bedroom, three-bathroom layout. The listing prices have yet to be determined.
“With each passing day, young people want to have everything close by them and take advantage of their free time instead of wasting hours getting to places by using a car,” Carlos said. The buildings will target locals who work in Brickell, Edgewater, Miami Beach and the the central business district, where Moishe Mana is creating a tech hub.
Renters who don’t want to wait can check out Melo’s Downtown 5th rental towers at 55 NE 5th St. That project is slated to open in June with 1,042 apartments ranging from a one-bedroom, one-bathroom unit listed for $1,400 per month to a three-bedroom, three-bathroom unit listed for $3,200 per month. Pre-leasing activity has come from both locals and new arrivals from California, Connecticut, Michigan, New Hampshire, New Jersey, New York and North Carolina.
Developers and the Downtown Development Authority are breathing new life into the neighborhood with a focus on creating a bustling residential community. New residential and retail developments in the pipeline include the Aston Martin Residences, Miami Worldcenter, Natiivo Miami, E11EVEN Hotel & Residences Miami and Time Century Jewelry Center.
Previously, Melo seeded development in Edgewater, where it created 10 high-rises, and the Arts & Entertainment District, where it has six buildings.
This story was originally published March 29, 2021 at 7:00 AM.
