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Melo Group, one of Miami’s preeminent residential development firms, has completed Downtown 5th, the single largest multifamily project built in Downtown Miami’s Central Business District.
The twin 52-story tower development, located at 25 and 55 NE Fifth St., comprises 1,042 rental apartments and approximately 12,500 square feet of ground floor retail space.
With both towers now open for tenant move-ins, Downtown 5th has delivered with 100 percent of its apartments already leased — a clear sign of the continued demand for market-rate housing in Downtown Miami. Approximately 25 percent of leases at Downtown 5th are being signed by out-of-state renters moving to Miami. The two-tower development broke ground in late 2019 and was completed in a record of 18 months.
Now open for occupancy, 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.
“We continue to invest in areas where we see demand for high-quality rental product fueled by population and employment growth,” said 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.”
Downtown 5th’s completion comes as Downtown Miami emerges as an economic engine and global destination luring businesses, finance firms and tech companies from across the country. Greater Downtown Miami is now home to approximately 115,000 residents — up more than 70 percent since 2010 — and welcomes 250,000 visitors and workers daily, according to Miami Downtown Development Authority research. Downtown Miami is also an economic engine for our state and region, providing annual economic output valued at more than $38 billion.
“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,” said 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.”
Downtown 5th marks Melo Group’s first completed residential development in Downtown Miami’s Central Business District, where the firm plans to deliver a total of nearly 2,500 units over the next two years. The firm recently broke ground on Downtown 1st, a 57-story tower with 560 market-rate rental apartments, 10,000 square feet of office space, and 3,000 square feet of ground-floor retail space, and is planning a third tower in the area, Downtown 6th, which will encompass up to 800 rental units.
Melo Group’s focus on the Central Business District comes on the heels of the transformation of Downtown’s once-vacant Arts & Entertainment District into a thriving pedestrian-friendly community with thousands of new residents, retail and restaurant options, and access to free public transportation.
In a span of just four years, the firm delivered a total of 2,300 residential units to the neighborhood across four newly built multifamily developments clustered around the Miami-Dade Metromover Schoolboard Station and connected by an indoor/outdoor promenade with ground-floor retail and restaurants.
Apartments at Downtown 5th feature expansive balconies with bay and city views, floor-to-ceiling sliding doors, energy-efficient tinted glass, European-style kitchen and bathroom cabinetry, granite countertops, double door refrigerators, stainless steel appliances, spacious living and dining rooms, imported ceramic tile and laminated wood flooring, and full-size in-unit washer and dryer machines.
Building amenities include two swimming pools, spa, a state-of-the-art fitness center, a social lounge, kids game room, children’s playroom, a café, and a conference room with private workspaces.
Downtown 5th’s location in the heart of Downtown Miami’s Central Business District puts residents within blocks of some of the most exciting demand drivers in Miami, including: Museum Park, home to the Perez Art Museum Miami and the Frost Museum of Science; Adrienne Arsht Center for the Performing Arts; FTX Arena, home of the Miami Heat; Bayside Marketplace, and Miami-Dade College’s Downtown Miami campus. The development is within walking distance of multiple public transit options and is situated directly adjacent to the Miami-Dade Metromover College North Station.
To learn more about Downtown 5th, including leasing availability and pricing information, call 305-800-2500 or visit www.downtown5.com.
