The Melo Group Is at it Again, Buying a Whole City Block for Up to 2,000 Rental Units
by Sep Niakan | December 23, 2015
The Melo Group has accumulated an interesting chunk of land in Miami, just down the road from the Museum Club hotel and shooting range.
Miami Plaza, LLC, a company affiliated with the Melo Group, purchased 35,300 square-feet of land, which is one whole city block for $11.5 million. They also are finishing up purchasing the rest of the block, which would put the land to a grand total of 1.5 acres.
Melo already has possession of some land south of the block they just purchased. They plan on putting a 1,500 unit rental project on that site.
The seller is 4 RIL, LLC, which is managed by Ivan Sherman. Sherman is the manager of the company that proposed the Museum Club development project.
The new properties that Melo owns are:
- 1545 Northeast Miami Court
- 1529 Northeast Miami Court
- 1523 Northeast Miami Court
- 47 Northeast 15th Street
- 1502 Northeast Miami Place
- ·1546 Northeast Miami Place
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