Melo Group's Downtown 5th, The Largest Multifamily Project Ever Built in Downtown Miami's CBD, Now 100% Leased

Melo Group has completed Downtown 5th, the single largest multifamily project built in Downtown Miami’s Central Business District. The twin 52-story tower development, located at 55 & 25 NE 5th Street, comprises 1,042 rental apartments and approximately 12,500 SF of ground floor retail space. With both towers now open for tenant move-ins, Downtown 5th has delivered with 100% of its apartments already leased, a clear sign of the continued demand for market-rate housing in Downtown Miami. Approximately 25% of leases at Downtown 5th are being signed by out-of-state renters moving to Miami. The two-tower development broke ground in late 2019 and was completed in a record of 18 months.

Now open for occupancy, Downtown 5th apartments include one-, two- and three-bedroom units measuring between 650 and 1,200 SF in size. Monthly rental rates range from approximately $1,700 to $4,000.

“We continue to invest in areas where we see demand for high-quality rental product fueled by population and employment growth,” said developer Carlos Melo, Principal of the Melo Group. “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.”

Downtown 5th’s completion comes as Downtown Miami emerges as an economic engine and global destination luring businesses, finance firms and tech companies from across the country. Greater Downtown Miami is now home to approximately 115,000 residents, up more than 70% since 2010, and welcomes 250,000 visitors and workers daily, according to Miami Downtown Development Authority research. Downtown Miami is also an economic engine for our state and region, providing annual economic output valued at more than $38 billion.

“As corporations, finance firms and tech companies continue to look to relocate or expand to Downtown Miami, the city is evolving into a global destination for business and lifestyle,” said Martin Melo, Principal of the Melo Group. “We’re seeing people moving here from major cities across the country. At Downtown 5th, about 25 percent of our tenants are coming from out-of-state, with many relocating from cities in the northeast and California.”

Downtown 5th marks Melo Group’s first completed residential development in Downtown Miami’s Central Business District, where the firm plans to deliver a total of nearly 2,500 units over the next two years. The firm recently broke ground on Downtown 1st, a 57-story tower with 560 market-rate rental apartments, 10,000 SF of office space, and 3,000 SF of ground-floor retail space; and is planning a third tower in the area, Downtown 6th, which will encompass up to 800 rental units.

Melo Group’s focus on the Central Business District comes on the heels of the transformation of Downtown’s once-vacant Arts & Entertainment District into a thriving pedestrian-friendly community with thousands of new residents, retail and restaurant options, and access to free public transportation. In a span of just four years, the firm delivered a total of 2,300 residential units to the neighborhood across four newly built multifamily developments clustered around the Miami-Dade Metromover Schoolboard Station and connected by an indoor/outdoor promenade with ground-floor retail and restaurants.

Apartments at Downtown 5th feature expansive balconies with bay and city views, floor-to-ceiling sliding doors, energy-efficient tinted glass, European-style kitchen and bathroom cabinetry, granite countertops, double door refrigerators, stainless steel appliances, spacious living and dining rooms, imported ceramic tile and laminated wood flooring, and full-size in-unit washer and dryer machines.

Building amenities include two swimming pools, spa, a state-of-the-art fitness center, a social lounge, kids game room, children’s playroom, a café, and a conference room with private workspaces.

Melo Group has been one of the leading developers behind Downtown Miami’s real estate resurgence with a portfolio of more than 6,000 total condominium and rental units completed throughout the Greater Downtown Miami area and another 2,500 units currently in development.

PMG and Greybrook Lock Down $142.3 Million Construction Loan for Society Wynwood

National investment, development, and asset management firm PMG, alongside partner Greybrook Realty Partners, has secured a $142.3 million construction loan for the 10-story Society Wynwood mixed-use project located at 2431 NW 2nd Ave. in Miami’s Wynwood Arts District. The loan will provide financing for the development of the project, which commenced construction earlier this year.

Financing was provided by Pacific Western Bank and Square Mile Capital. In its second recent multifamily project with both lenders and sixth overall transaction with the duo, PMG was represented internally by Andrew Warman, Lowell Plotkin and Jonathan Blank.

“We are thrilled to expand our relationship with these top lenders beside our partners at Greybrook to create a premier living and entertainment destination on the most prominent block in Wynwood,” said Ryan Shear, Managing Partner at PMG. “Miami and the Wynwood market are close to our hearts as a team of passionate locals. With the incredible success we’ve experienced at Society Las Olas in Fort Lauderdale, and Society Biscayne slated to open in early 2022 in Downtown Miami, Society Wynwood will be the third social apartment community in South Florida under our rapidly expanding Society Living national brand. Society Wynwood will provide a community-driven living experience and attainably-priced housing that reflects the vibrant energy and positivity of the surrounding neighborhood.”

Slated for completion in Spring 2023, Society Wynwood will include 318 rental apartments and 50,210 SF of commercial space between the ground floor and rooftop. Scott Sherman’s Tricera Capital has a deal to acquire the commercial spaces upon completion of the project.

The development will offer a blend of traditional units with efficient layouts and “Rent-by-Bedroom” (co-living) options. Amenities will include a massive pool deck, co-working lab, modern gym and fitness studio, entertainment lounges, yoga lawn, craft food and beverage operations, smart package lockers, app-based keys, integrated retail space and more.

“Securing this construction loan for Society Wynwood further proves the strength of the Society Living portfolio and the appeal of social apartment communities,” Sami Mouaket, Director, U.S. Investments & Development at Greybrook Realty Partners. “Society Wynwood’s turnkey rental options, premium amenities and curated event programming deliver an attractive investment opportunity for investors and will provide outstanding quality of life for future residents.”

Launched in 2019, the national Society Living multifamily brand was created to address insatiable demand for reasonably priced rental communities close to urban centers, where modern neighbors can connect and thrive together. Urging residents to “Choose Happiness,” Society Living focuses on creating inspiring living spaces that foster personal growth within a culture of inclusivity and unity.

Existing Society Living developments include Society Las Olas in Downtown Fort Lauderdale, Florida, which opened in May 2020; Society Biscayne in Downtown Miami, slated to open in Q1 2022; Society Orlando, under construction in Downtown Orlando; and Society Denver, which was announced last month. Over 8,500 units are planned nationally including additional developments in Atlanta, Brooklyn and Nashville.

Legacy Hotel and Residences, America's First 'Covid-Conscious' Mixed-Use Tower Breaks Ground In Downtown Miami

Dan Kodsi of RPC (Royal Palm Companies) has announced the groundbreaking of Downtown Miami’s most anticipated mixed-use luxury development, Legacy Hotel & Residences coming to one of the U.S.’s most ambitious and largest private master-planned communities, Miami Worldcenter (MWC). The Kobi Karp-designed neo-futurism-inspired tower sitting on 1.3 acres, 60,000 SF, will feature 310 sold-out branded residences sitting atop a 219-room hotel, which will be managed and operated by Accor under The Morgan’s Originals Portfolio.

RPC and OneWorld Properties, led by Peggy Olin announced a $160 million sellout of its 310 residences in May, just 12 months after launching sales.

Adventist Health and Blue Zones, the organization that became famous for identifying places in the world where people live longer/healthier life spans, signed a joint venture (Blue Legacy Ventures - JV) to operate Legacy’s $100 million, 10-floor medical and well-being center in Miami, making Downtown Miami home to the world’s first Blue Zones Center. The JV is one of the largest commercial leases to be executed in Downtown Miami’s history. The joint venture is the first step in turning Miami into the next Blue Zone city.

The partnership is one of the largest commercial leases to be executed in Downtown Miami’s history. The $100 million center will occupy 10 floors and 120,000 SF within Legacy Hotel & Residences and is expected to become the most technology advanced health and well-being facility in the world, according to Adventist Health.

The groundbreaking will bring to life a first-of-its-kind ‘Covid-conscious’ development as RPC looks to expand The Center’s medical-grade features into the entire tower with air-filtration systems and touchless sanitation features such as voice-activated elevators, touchless room key access, apps that can call medical staff and UV sterilization wands for common room items. All aspects of the 50-floor tower, from the hotel rooms and residences to the five restaurants, to the design and programming, will follow Blue Zones methods and guidelines to living long and happy lives.

The center will offer teams of physicians and practitioners, an onsite lab, pharmacy, full AI-powered diagnostic center and rooms outfitted with medical gas and ventilator capabilities – this would allow the hotel to remain operational during future pandemics, ultimately becoming a refuge for travelers, owners and members, as well as a resource for the Miami community.

The luxury skyscraper will also host ground-floor retail, downtown’s largest pool deck set on one acre, the city’s first enclosed seven-floor rooftop atrium with a restaurant bar and lounge, the city’s first Singapore-inspired cantilevered pool soaring 500 feet in the sky, and a members-only international business lounge.

Legacy’s MICROLUXE® residences range from 350 SF to 850 SF with studios to two-bedroom units, offering the functionality of a micro-style home with the high-quality design and superior finishes of an elite condominium.

MG Developer Receives TCO For The Nearly Sold-Out Althea Row and Tops Off Biltmore Row In Coral Gables

MG Developer has received its TCO for Althea Row and revealed the townhome development’s 7,000 SF model residence. MG Developer also topped-off of Biltmore Row and submit plans to build a 50-residence community called Gables Village. The Coral Gables-based development firm is wrapping up its Biltmore Square community and planning for a new project, just west of LeJeune Road and north of University Drive.

Althea Row, situated at 739 Almeria Avenue, is a five-unit development designed by Coral Gables-based De La Guardia Victoria Architects & Urbanists and premiered its model unit at the 12th Annual Tour of Kitchens. Furnished by Artefacto, the residence opened to much splendor as guests indulged throughout the residence’s European-inspired luxury and design. Inspired by George Merrick and original Gables architects H.George Fink, Phineas Paist and Richard Kiehnel, the 3-story town houses include four bedrooms, four bathrooms with one half bath, a four-car garage, private elevator and private terraces with crafted loggias that bring the best of outdoor Gables living. With 80% of its town houses sold less than 60 days after completion, the fast pace in sales speaks to the demand for products such as Althea Row. Prices for the town houses start at $4.1 million.

“We’re thrilled to have introduced Althea Row to Coral Gables, a high-end community for those who appreciate the finest details of luxury living and lush surroundings of the City Beautiful,” said MG Developer CEO Alirio Torrealba. “Our goal is to always bring a sophisticated product that exceeds expectations while also complementing the aesthetic of the local community.

MG Developer is “building the city beautiful” and enhancing the Coral Gables neighborhoods with their luxurious residences. In all of their projects, they pursue a ceaseless quest for quality, value, and intelligent design which is reflected in the beauty of the Althea Row Residences.

Right next door, Biltmore Row has just topped off, marking a milestone for MG Developer’s master community of Biltmore Square. Biltmore Row fills the void in tasteful luxury that understands the roots traced back to the heritage of classical design elements found in Spanish colonial architecture that is carefully shaped and carved. Elaborate coralina-stoned entries surround and draw the eye to the front door of each of the 10 exclusive townhomes featuring a total of 5,561 SF.

Now in its early planning stage, Gables Village will integrate gardens and courtyards throughout an entire block, with 50% of the site expected to include lush landscaping and hidden parking garages featuring an artistic component that complements the entire Coral Gables community. The assembly of the project will be approximately $50 million and will certainly honor the city’s past while building for modern-day comforts.

“As our projects evolve and move through the planning and design phase, we remain committed to working closely with the City of Coral Gables to deliver communities that fall in line with their aesthetic values, which are rich in cultural and historic traditions,” added Torrealba. “Furthermore, we create homes, we create places that people and the entire community can enjoy and appreciate.”

Also designed by De La Guardia Victoria Architects & Urbanists, Gables Village will be located at 535 Santander Avenue. The development will include townhomes, duplexes, lofts, flats and an archway that raises residences above ground level, creating a distinct welcome into Gables Village.

Inside The Estates at Acqualina's Newly Revealed Masterpiece Penthouse 'Palazzo di Paradiso' With 2 Private Pools

Palazzo di Paradiso is a singular, two-story bespoke masterpiece perched on the top two floors - 51 and 52 - of The Estates at Acqualina, the $1.8 billion residential development opening later this year in Sunny Isles Beach. Completely customizable by the buyer, Palazzo di Paradiso is unique in the luxury space, says President of Sales Michael Goldstein.

“We haven’t created the floor plan; we’ve created the canvas.” says Goldstein, “It’s the world’s finest penthouse in the world’s finest residence, and because it’s so unique and rare, we didn’t want to design it ourselves; we wanted to sit down with the buyer and create what they need,” he says.

The sky is the limit underneath 20-foot ceilings, a staircase that rises 38 feet, and two private terrace pools, one ingeniously cantilevered over the building with a glass-bottom rising 646 feet above the sand. Though the penthouse has the capacity for nine bedrooms and 10.5 bathrooms, with a one-bedroom guest suite and kitchen, it’s the owners who will decide how they want to tailor-make their new home. For the ultimate in privacy, an air-conditioned four-car garage attaches to an equally cool 458-square foot, oceanfront, Fendi Casa-furnished cabana, complete with shower, kitchen, and direct pool access.

Offered at $59 million, it is the most expensive penthouse currently on the market. From opulent rugs to chandeliers and accessories, buyers have $3.2 million to use within Miami’s Luxury Living Group showroom on Fendi Casa, Paul Mathieu, Trussardi Casa, and other Made in Italy collections to furnish their new palatial home with panache. Their designers will space-plan the home for effortless design precision. At the same time, Todd and Isabel Tragash of STA Architectural Group will work with owners to curate the finest stone, appliances, and cabinets.

“This is a house in the sky,” says Goldstein, “It’s ideal for someone who’s been thinking about a house but wants two pools, space, and maximum privacy with services and amenities where everything is maintained for them,” he says. 

Sales Gallery Address: 17895 Collins Avenue, Sunny Isles Beach, Florida

Telephone: 305.933.6666

Website: www.EstatesAtAcqualina.com

This article was produced in partnership with The Estates at Acqualina

Alco International Group Hits $75 Million Sellout Of Adagio Fort Lauderdale

Alco International Group has achieved a $75 million sellout of Adagio Fort Lauderdale at the luxury condominium along Fort Lauderdale’s Intracoastal waterway. Sales and marketing were led by ONE Sotheby’s International Realty’s Development Division.

The 10-story boutique building features spacious, flow-through, three-bedroom, three-and-one-half bath residences ranging from 2,383 SF to 4,085 SF. Positioned along the widest stretch of Fort Lauderdale’s Intracoastal waterway, Adagio Fort Lauderdale Beach features panoramic waterfront views and a private marina with six dock slips and direct access to the ocean.

In addition to the private marina, amenities include a scenic roof-top pool and a second ground-level pool overlooking the Intracoastal waterway, private cabanas, fitness center with a cardio and yoga studio, clubroom with coffee bar, pet-friendly atmosphere with grooming station and ample private storage.

Images via Adagio Fort Lauderdale, One Sotheby’s International Realty

Icon of Palm Beach Shores Locks Down $25.16 Million Construction Loan

Icon Realty Capital, led by Anthony Shafer, has locked down a $25.16 million construction loan for Icon of Palm Beach Shores, an approved condo building coming to the north side of the Palm Beach inlet. The financing was arranged by the Washington-based Construction Loan Services II. Icon of Palm Beach Shores is located at 150-206 Inlet Way. Icon Realty Capital acquired the property in May 2021 for $6.27 million and plans to demolish the 70-year-old residential buildings which currently sits on the site.

Icon of Palm Beach Shores will feature 15 condo units which are expected to start at $2 million. Units feature direct water views from the living areas, modern design, high-end finishes and expansive balconies. Icon of Palm Beach Shores will be listed and marketed by Lauren Matthews of Douglas Elliman and Greg Forest of Sotheby’s International Realty.

For more information about Icon of Palm Beach Shores, private showings or purchasing/ leasing information please fill out the form below:

Life Time Coral Gables Opens 1.2 Million SF Live, Work, Play, Athletic Resort Mixed-Use Multifamily Development

Life Time Coral Gables has officially opened in Coral Gables, bringing a 1.2 million SF luxury athletic resort with elegant co-working and exquisite residences to The City Beautiful. Conceptualized by Life Time, the nation’s premier healthy lifestyle brand, the more than $500 million, 14-story, 1.2 million SF development seamlessly integrates where consumers live, work, play and stay as a first-of-its-kind destination centered around the company’s iconic athletic resort.

Life Time Coral Gables is now welcoming new members to the expansive destination at 237 South Dixie Highway. The development features an 80,000 SF luxury athletic resort, a 25,000 SF Life Time Work and 495 luxuriously appointed residences, including studios, one-, two- and three-bedroom, and penthouse units. Directly adjacent to Shops at Merrick Park, and minutes from downtown Coral Gables and Coconut Grove, the project’s soon-to-open retail component will feature a Trader Joe’s, locally famed Argentinian restaurant, Graziano’s and other offerings.

“I could not be more excited about the completely new concept we’re bringing to The City Beautiful—and North America—as our first combined Life Time Athletic, Life Time Work and Life Time Living destination. Never has a development been designed with such a comprehensive healthy way of life in mind, body and soul—centered around our iconic athletic resort,” says Gino Santia, director, Life Time Coral Gables. “For nearly 30 years, we have operated premier athletic resorts and, for the first time, “second home” has a new meaning as members truly can live, work, exercise and play in this amazing development offering a full healthy way of life experience.”

Life Time’s athletic resort and spa offers more than 70 classes weekly across its dedicated yoga, barre, Pilates, cycle and group exercise studios; more than 400 pieces of cardio and strength-based equipment; small group and 1:1 personal training; a Kids Academy featuring dedicated kids programming and classes; LT Recovery featuring compression, massage and physical and chiropractic therapies; an outdoor, resort-style, rooftop beach club; and, a full-service LifeSpa and fast casual LifeCafe.

The fully integrated, 25,000 SF Life Time Work provides members with elegant workspaces and flexible monthly memberships; lounge, dedicated desk and private offices; conference rooms, quiet rooms, and call booths; Herman Miller furniture, high-end, exquisite finishes throughout; copying, scanning and shredding services, unlimited Wi-Fi and more.

Life Time Living residences range from 436 SF studio units to 1,539 SF, 3-bedroom units. Penthouses are available up to 2,252 SF Resident benefits include a premier, Diamond Life Time athletic resort membership with access to all Life Time destinations throughout the U.S. and Canada, along with preferred Life Time Work access pricing. Grocery store tours, healthy meal planning and delivery from the on-site fast-casual restaurant LifeCafe, and access to a registered dietitian to stock your kitchen also are available.

Life Time Coral Gables is a collaboration between Life Time and Nolan Reynolds International (NRI), a recognized leader in real estate investment, development and hospitality operations.

Additional Life Time locations in Florida include Boca Raton and Tampa, along with locations under development in Palm Beach Gardens (mid-2022) and The Falls in Miami (opening early 2023). Life Time also owns and produces the Miami Marathon.

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Images via Life Time Coral Gables

The Residences at Uptown Boca Trades For $230 Million In Florida's Largest Multifamily Deal In 2021

The developers of Uptown Boca, Boca Raton’s first new retail and Class-A multifamily project to open in West Boca Raton in over 20 years, have sold The Residences at Uptown Boca to the Atlanta-based multifamily real estate investment, development and management company, Cortland for $230 million. The project was developed by Giles Capital Group, Rosemurgy Properties and Schmier Property Group, in partnership with Wheelock Street Capital. This transaction marks Florida’s largest multifamily deal in 2021 and the highest price per square foot for a garden-style product in Florida, to date. Cushman & Wakefield’s South Florida Multifamily Institutional Properties Group, led by Robert Given, Zach Sackley, Troy Ballard and Neal Victor, brokered the transaction.

“As lifelong Boca Raton residents and local developers, it has been truly special to create such a unique project for our local community. Our team devoted countless hours and meticulous attention to detail in developing what we consider to be one of South Florida’s premier mixed-use communities,” said Alex Rosemurgy, CEO of Rosemurgy Properties. “The Residences at Uptown Boca provides an unparalleled living experience that includes best-in-class amenities and a carefully curated restaurant and retail component just steps from our residents’ front door. Our lease-up success represents the distinct quality of the project in the South Florida market.”

The Residences at Uptown Boca, which opened in 2020, is a seven-building multifamily development managed by Park Partners Residential. Offering 456 Class-A luxury rental apartments, the development features one, two, three and four-bedroom units ranging in size from 718 SF to 1,737 SF. Just steps from The Residences, Uptown Boca’s retail component provides 179,000 SF of shops and fifteen different dining retailers. The developers of the project will remain the owners of the retail component of Uptown Boca.

"We have experienced incredible leasing performance as demand for high quality apartments in south Florida has never been higher. Our leasing team did a phenomenal job in getting the property leased up in record time, and as a result the Uptown Boca ownership team determined that this is the right time to sell," said Rick Giles, president of Giles Capital Group. "We have made every effort to create great experiences for our residential and retail customers, and we wish continued success to the new owners of this unique development."

Located at 9560 Glades Road on the corner of Glades Road and 95th Avenue South, just east of US441/SR7, Uptown Boca is a 38-acre project bringing a curated “shop, dine, live” experience to the area. The development provides residents with walkability to dining, entertainment and living options all within one vibrant local destination.

“The sale of The Residences of Uptown Boca culminates years of planning and execution by our partners Giles Capital, Rosemurgy Properties and Schmier Property Group. We are extremely proud of the community they have developed and the results for our investors,” said Hunter Jones, Principal for Wheelock Street Capital.

The Residences at Uptown Boca offers a number of amenities including a 24-hour fitness center with TRX and an indoor/outdoor CrossFit area, a yoga, spin and stretching room, a 24-hour business center that includes 3 private conference rooms, and 24-hour package pick-up lockers and cold storage. The project also includes a resident theater and entertaining lounge, a kids’ gaming and activity area, rideshare pick-up lounge, 3 dog parks, as well as a soccer field and customized 9,570 SF playground.

For more information about commercial sales or leasing in South Florida please fill out the form below:

TriStar Capital and RAL Development Acquire Final Piece Of Wynwood Assemblage For $13 Million

David Edelstein’s TriStar Capital and RAL Development, led by Robert Levine, have closed on the final piece of their 72,000 SF Wynwood assemblage where an office campus is planned. The development partnership paid $13 million for a 31,250 SF site at 2701 NW 5th Ave., financed by a $12.1 million mortgage provided by Comerica Bank. The property currently has a 20,239 SF building that will be demolished to make way for an office campus that includes the adjacent 39,732 SF lot at 2661 NW 5th Ave. which TriStar Capital acquired in 2018 for $18 million. Combined the assemblage totals 70,932 SF and cost $31 million.

The developers are planning to build a modern, technologically advanced office campus targeted at Miami’s fast growing tech sector. The campus will feature two Arquitectonica-designed mixed-use 8-story office towers with roughly 300,000 SF of Class A office space.

Images via TriStar Capital