Melo Group buys land in Miami for $105M – South Florida Business Journal

The Melo Group LLC acquired a full block of 3.04 acres in Miami's Edgewater neighborhood for $105 million, with the goal of developing the land with apartments, condos and retail, the South Florida Business Journal reported.

The deal covered a full block from Biscayne Boulevard to Northwest Second Avenue between Northeast 17th Street and Northeast 17th Terrace. The main address is 1700 Biscayne Blvd.

The selling entities were Biscayne Arts LLC, Biscayne Arts Plaza LLC, Brickell North Investments and Miami Proarts II. All four entities are managed by James Goldstein in Fort Lauderdale, who has owned them for decades.

Martin Melo, a co-principal at Melo Group, said the firm is working on plans for three towers with about 2,200 apartments and condos, developed in stages.