Melo Group pays $16M for a property near Miami performing arts center
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- Brian Bandell
- Senior Reporter- South Florida Business Journal
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Melo Group pays $16 million for a property near Miami performing arts center
Condo builder Melo Group paid $16 million for a 1.2-acre site a few blocks west of the Adrienne Arsht Center for the Performing Arts of Miami.
Astra International, headed by Luiz R. Melo, sold the six parcels at the southwest corner of Northeast 14th Street and Northeast First Avenue to Art Plaza LLC, which is headed by Melo Group. The deal included $11 million in seller financing.
Most of the site is vacant, although it has a few small apartment buildings and a retail building. The area is zoned for mixed-use residential.
Officials at the Melo Group didn't return a call seeking comment. It's already building Melody Tower on the same street.
RELATED CONTENT: Melo Group scores $67M construction loan from TotalBank
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