The Melo Group Acquires Development Site In Arts & Entertainment District For $105M

The development site located at 1700 Biscayne Blvd in the Arts & Entertainment District has been sold in a closed transaction. The property was acquired by The Melo Group, represented by Jose Luis Ferreira de Melo, Martín Melo, and Carlos Melo. The seller of the property was James Goldstein.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $105,000,000
• Address: 1700 Biscayne Blvd
• Market: Arts & Entertainment District

The deal was facilitated by the following brokers: Joel Rodriguez from Global Investments Realty, and Brian De la Fey, Mike Fay, and John K Crotty from Avison Young.

The property was listed with an asking price of $120,000,000. The building size was approximately 132,422 square feet, with a price per square foot of $793. The total buildable square footage was estimated to be around 3,000,000, resulting in a price per buildable square foot of $16.