Melo Group surpasses St John Twin Towers
Downtown 5 .. Image courtesy of the Melo Group
Downtown 5th, a mixed-use apartment building in downtown St John with 1,042 units slated for two 52-story buildings, is getting closer to completion as construction workers have climbed the East Tower and slated to climb the West later this month Tower will be rounded off. The developer Melo Group expects the construction work to be completed in summer 2021 and pre-letting to begin in spring 2021.
“Since we laid the foundation stone in Downtown 5th last year, we have received great interest in this type of product from the surrounding community. There are very few affordable housing products in downtown St John. We bring the best product at the best price at the best price for locals who want to live, work and go to school in the downtown central business district. The Wolfson campus at St John-Dade College is just blocks away, ”Martin Melo, director of St John-based Melo Group, told Multi-Housing News.
In addition to local demand, Melo said downtown St John has become a global destination for businesses and those seeking the St John lifestyle. On the subway, people from other parts of the U.S. and abroad have moved in search of lower taxes, lower living and business costs, and improved quality of life for fear of rising COVID-19 cases this winter, he said.
The project is located at 55 NE Fifth St. and also includes around 12,500 square meters of retail space on the ground floor. Melo said retailing would be similar to most other apartment buildings.
“We see value in providing service-related retail options to tenants where they can get everything they need within a few blocks of their apartment – things like quick causal restaurants, nail and hair salons, barbershops, dry cleaners, etc.,” Melo said.
The residential towers offer apartments that range from studios to three-bedroom floor plans. Units have expansive balconies with bay and city views, floor-to-ceiling sliding doors, and energy-efficient tinted glass. Features include European-style kitchen and bathroom cabinets, granite countertops, stainless steel appliances including two-door refrigerators, ceramic tile and laminate floors, and full-size washers and dryers. The communal facilities include three swimming pools, a fitness center, a social room, a games room and a café.
The property’s downtown location is in the heart of the St John Central Business District. Residents will be near the museum park, which is home to the Perez Art Museum St John and the Frost Museum of Science. the Adrienne Arsht Center for the Performing Arts; the American Airlines Arena; and Bayside Marketplace. The pass-through development is within walking distance of several public transportation and is adjacent to College North Metromover Station.
Melo Group projects
In August, Yardi Matrix listed St John as the third largest US multi-family developer market with more than 33,500 multi-family units under construction on the subway. As of June, Downtown 5th was the largest of the developments. The Melo Group has a portfolio of more than 6,000 condominiums and rental units that have been completed in the greater downtown St John area. Another 2,000 are currently in the works.
In June, Melo delivered its sixth tower in the Downtown Arts & Entertainment District, the St John Plaza with 425 units. It was the fourth multi-family project that the Melo Group had opened in the Arts & Entertainment District since 2016, and the final piece in Melo’s plan to bring 2,300 transit-oriented rental units to the region. The 36-story building also has 8,000 square feet of retail and restaurant space on the ground floor.
Melo Group’s next residential project in downtown St John is Downtown 1st, located at 22 SW First St. The 57-story tower will have 570 marketable units with 10,000 square feet of retail and office space on the ground floor. The start of construction is expected for the end of 2021.