Argentinian Family Nabs Development Site Neighboring Genting’s Massive Casino Project
May 15, 2013 May 15, 2013
Right across the street from the Genting Group’s 30 acre casino project, Argentinian real estate investors, the Melo family, have bought a $9.5 million lot for the purpose of constructing a hotel and residential building. The purchase shouldn’t come as a surprise to industry watchers as the Melo Group has been snapping up land all over Miami. Just last year, the Melo family added about 800 condo units to the downtown Miami inventory over five projects. The family also dished out $4.5 million to swipe nearly 1.5 acres of riverfront property in Miami to accommodate 184 residential units.
The most recent acquisition is a 43,312 square foot plot on the corner of NE Second Avenue and 14th Street, in the Omni neighborhood. The real estate broker involved in the sale also revealed that the Melo family bought the land below market value in a high density area where hotels are doing particularly well. The combination project is adjacent to the Resorts World Miami on land only recently owned by the Greater Miami Opera which sold the property to the Melo Group.