Melo Group has secured additional density rights for its property located at 1700 Biscayne. According to records, Melo is now authorized to construct 2,471 residential units on the property following the completion of the transaction. The details of the transaction were initially reported by Traded.
The developer initially held permits for constructing 1,518 units. However, records indicate that Melo acquired rights for an additional 955 units from an affiliate of Stiles, the owner of the Publix property across the street at 1776 Biscayne. The transaction additionally involved the transfer of 400,000 square feet of Floor Area Ratio (FLR) and 730,000 square feet of bonus Floor Area Ratio (FLR) from the Publix property to the Melo property. Melo initially purchased the entire city block across from the Omni at 1700 Biscayne in 2021 for a total of $105 million. During that period, the developer announced plans to construct four towers, reaching up to 60 stories, featuring a mix of apartments, condominiums, and retail spaces. The three-tower project had previously received approval for the site under Miami's previous zoning code. Please contact David Freed, Miami Real Estate Agent, for all of your Brickell and Miami condo sales.