Block E In Downtown Miami's Arts & Entertainment District Trades For $19.75 Million

A 37,252-square-foot development site known as Block E at 1550 NE Miami Place in the heart of the Arts and Entertainment District has traded for $19.75 million. The site is located within the boundaries of the opportunity zone and is zoned T6-24a O which allows the developer to build up to seven times the property land square footage and up to 500 units per acre.

Colliers’ Executive Managing Director Mika Mattingly and Senior Associate Cecilia Estevez of Collier’s Urban Core Divisionrepresented the seller, Kluger Family Trust, in the transaction. The buyer, Jenny Bernell of Clearline Real Estate, is a developer of multifamily and mixed-use real estate projects in the growing areas of Florida, New York and New Jersey. Clearline Real Estate currently has 1,500 multifamily units in the development pipeline. This transaction marks Clearline’s third development site acquisition in Miami in the last year with plans for multifamily development.

“This transaction showcases the continued growth of demand for development sites in Miami and emerging neighborhoods like the A&E district,” said Mattingly. “In a very short time we have seen the Arts and Entertainment District radically transform from a deserted, bleak industrial area, into a neighborhood with a thriving pulse.”

Block E is uniquely located 1,000’ away from the Metro mover, which provides connection to the Brightline station, downtown Miami, and Brickell. The access creates prime pathways of mobility so that tenants can embrace the “work, live, and play” aspect of the area. The district is also home to several landmarks such as the Adrienne Arsht Center for performing arts, the Perez Art Museum and the Patricia and Phillip Frost Museum of Science, all within a five-minute walk from Block E. Over the last three years, the A&E district has experienced tremendous growth with proposed developments on every corner and a number of surrounding residential projects at 100% occupancy within weeks of opening.

With the A&E district’s rapid growth capturing global attention from investors, developers, new tenants and the world’s most renowned creatives, the city of Miami made the development of the district a top priority with new zoning to allow residential and commercial density construction. Over the last two years, the number of multifamily units grew more than 20%, office inventory increased 50%, and the number of hotel rooms more than doubled. The district is quickly densifying with arts, retail and restaurants, vibrant new office development and new-to-market tenants as well as an influx of people, creating one of the most exciting new urban areas in the United States.

Image via Collier’s International Florida Urban Core Division

Melo Group Launches Pre-Leasing For Miami Plaza Apartment Tower In Downtown Miami's Arts & Entertainment District

Melo Group, one of Downtown Miami’s preeminent real estate development firms, is getting ready to open their latest residential tower addressing two of the city’s most-pressing issues, housing affordability and traffic. Ahead of its May opening and following its construction top-off in late 2019, Melo is now launching pre-leasing for Miami Plaza, its newest transit-oriented rental building in Downtown Miami’s Arts & Entertainment District in Miami’s urban core. The 425-unit Miami Plaza tower, situated adjacent to the Miami-Dade Metromover School Board Station at 1500 Northeast Miami Place, will complete the final phase of Melo’s 5-year plan to activate and inject new life into Downtown’s previously-desolate Arts & Entertainment District with more than 2,300 attainably-priced multifamily apartments and over 8,000 SF of retail/restaurant space.

“Although our renters are diverse,” says Melo Group Principal Carlos Melo, “we’re seeing strongest demand coming from millennials who prefer 24-hour, live-work-play environments over long commutes. We look for sites within easy walking distance of public transportation as well as shopping and entertainment venues. All of our developments in the Arts & Entertainment District are just steps away from the Metromover, providing easy access into Downtown Miami’s CBD and Brickell Financial District.”

Miami Plaza rises 36-stories and caters to a growing influx of young professionals in Downtown Miami seeking walkable live-work-play lifestyles without the commute. Units at Miami Plaza range from one- to three-bedrooms measuring from approximately 700 to 1,400 SF in size, with competitive rental rates ranging between $1,680 and $2,800 per month. Apartments at Miami Plaza will feature spacious living rooms, formal dining rooms, expansive balconies with glass railings, floor-to-ceiling sliding doors, energy-efficient tinted glass, European-style kitchen and bathroom cabinetry, granite countertops, double door refrigerators, stainless steel appliances, imported ceramic tile and laminated wood flooring, and full-size washer and dryers. Amenities will include a large 70-foot swimming pool, a fully-equipped fitness center, a café social lounge, 24-hour concierge/security, and a multi-level secured garage with valet service.

Melo Group’s father-and-sons team, led by Jose Luis Melo and his two sons Carlos and Martin Melo, has been a driving force behind Miami’s real estate resurgence since 2001, with the firm recognized today as one of the region’s preeminent developers of high-end residential developments in Downtown Miami. Upon its completion, Miami Plaza will become Melo’s 16th residential building delivered in the Greater Downtown Miami area, bringing the firm’s portfolio to nearly 5,000 total condo and rental units completed with another 2,000+ units in the works. Melo Group’s previously completed developments in the area are all clustered around the Metromover station within a few blocks of each other. Completed projects in the Arts & Entertainment District include the 497-unit Melody Tower, which delivered in 2016; the 710-unit Square Station towers, which delivered in 2018; and most recently, the 667-unit Art Plaza towers, which delivered in 2019. Melo Group’s next residential project, Downtown 5th, is now under construction at 55 NE 5th Avenue in Downtown Miami’s Central Business District. With completion slated for 2021, the luxury apartment complex will include twin 51-story towers with 1,042 rental units and more than 5,000 SF of ground-floor retail/restaurant space.

“The Arts & Entertainment District’s concentration of attractions – from world-class cultural venues to dozens of dining and shopping choices – cater to every taste,” says Melo Group Principal Martin Melo, “as does the district’s proximity to other hot neighborhoods such as Wynwood, Miami Design District and Midtown Miami. Our newest buildings in the area have an exciting collection of newly-opened and upcoming restaurants and retail offerings to serve the everyday needs of our residents. Everything you need is within just a few blocks from your apartment.”

Melo Group is bringing life to the area with a total of more than 45,000 SF of new retail and restaurant space at the base of their apartment buildings to serve tenant’s everyday needs. Some of the community’s newest tenants include Bunbury, Bistro Café, Tapout Fitness, My Salon, Spot Barbershop, Shine Nail Salon, New York Roma Pizza and Testa Wines. Melo is also gearing up for the Summer 2020 debut of “Art Kitchen” – an indoor/outdoor dining promenade at the base of the firm’s Art Plaza towers that will feature ten different restaurant concepts with cuisines ranging from Indian, Peruvian, Mexican, Japanese, Italian and more.