Melo Group Completes 52-Story Downtown 5th Apartment Towers in Miami
MIAMI, FLA. — Melo Group has completed Downtown 5th, a pair of 52-story towers in downtown Miami with 1,042 rental apartments and approximately 12,500 square feet of ground-floor retail space. Construction began in late 2019 and move-ins are currently underway.
Downtown 5th apartments include one-, two- and three-bedroom units measuring between 650 and 1,200 square feet in size. Monthly rental rates range from approximately $1,700 to $4,000. East Tower is now open for tenant move-ins, and South Tower is about to open. Both towers are fully leased.
“As corporations, finance firms and tech companies continue to look to relocate or expand to downtown Miami, the city is evolving into a global destination for business and lifestyle,” says Martin Melo, principal of the Melo Group. “We’re seeing people moving here from major cities across the country. At Downtown 5th, about 25 percent of our tenants are coming from out of state, with many relocating from cities in the northeast and California.”
Located at 55 & 25 NE 5th St. in the center of downtown Miami’s Central Business District, Downtown 5th is situated approximately seven miles from the Miami International Airport and is about 5.9 miles from Miami Beach. The property is situated close to Museum Park, home to the Perez Art Museum Miami and the Frost Museum of Science; the FTX Arena, home of the Miami Heat; Bayside Marketplace; and Miami-Dade College’s downtown Miami campus. The development is situated directly adjacent to the Miami-Dade Metromover College North Station.
Apartments at Downtown 5th feature balconies with bay and city views; floor-to-ceiling sliding doors; granite countertops; double-door refrigerators; stainless steel appliances; ceramic tile and laminated wood flooring; and full-size, in-unit washers and dryers.
Community amenities include two swimming pools, a spa, fitness center, social lounge, game room, children’s playroom, café and conference room with private workspaces.
Melo Group is a residential real estate development firm based in Miami. In March 2021, the firm also broke ground on a 57-story apartment tower called Downtown 1st in Miami. The project is slated for completion by 2022, and will have 560 rental apartments, 10,000 square feet of office space and 3,000 square feet of ground-floor retail space. Melo Group is also planning a third tower in the area, Downtown 6th, which will feature up to 800 rental units.
The firm has a portfolio of more than 6,000 total condominium and rental units completed throughout the greater downtown Miami area and another 2,500 units currently in development.
“We continue to invest in areas where we see demand for high-quality rental product fueled by population and employment growth,” says developer Carlos Melo, principal of the Melo Group. “We completely pre-leased Downtown 5th’s East Tower before even opening our doors, while the West Tower leased up shortly after, which points to the clear need for the communities we are building.”
— Julia Sanders