Construction has officially topped off on Melo Group’s East Tower of Downtown 5th, the largest multifamily development built in Downtown Miami’s Central Business District. The project is composed of two towers, with the West Tower expected to top-off later this month. The construction has been underway with rapid speed in the middle of a pandemic as the foundation pour was only 9 months ago. The development has completed an average pace of one floor every three days. The project is estimated to be complete in Summer 2021.
“We’re bullish on the long-term future of Downtown Miami. Despite a global pandemic, we never stopped building for locals who want to live and work in the urban core,” said developer Carlos Melo, Principal of the Melo Group. “Our strategy has always been to build for what the market demands – and we’re seeing a continued need from the community for good quality, attainably-priced apartments in a convenient, walkable location with access to public transit and nearby amenities.”
Downtown 5th will have two 52-story towers and feature 1,042 rental apartments with ground floor retail. Preleasing is scheduled to begin in Spring 2021. Apartments will range from studio to three-bedrooms. Units will have balconies with views of Downtown Miami. Building amenities will include three swimming pools, fitness center, social room, game room and café.
“Downtown Miami has evolved into a global destination for business and lifestyle. We’re seeing people moving and opening up companies here from major cities across the U.S. and abroad in search of lower taxes, improved quality of life, and reduced expenses,” said developer Martin Melo, Principal of the Melo Group. “As more and more businesses look to relocate or expand to Downtown Miami, we’re building housing for the thousands of employees that will come with them and need a place to live.”
Downtown 5th is located at 55 NE 5th Street, in the heart of Downtown Miami’s Central Business District. The location is within a short walk of Museum Park, AmericanAirlines Arena, Bayside Marketplace and Miami-Dade College’s Downtown Miami campus.
