Melo Group Buys Miami Office Site for $212M

The Melo Group has paid more than $200 million for 2.8 acres of land in Miami’s coveted Brickell district, the developer said Thursday.

In its hometown, Melo Group put down $211.5 million, or $74.7 million per acre, “with the potential to increase to $221.5 million” for at 700-799 Brickell Avenue. The seller, Swire Group, had sought to build a 1,000-foot-tall office tower on the site.

Swire announced earlier this year that it was pulling the plug on that project, known as One Brickell City Centre. Swire had paid $64 million for the site in 2013, according to property records..

“We have chosen this land in Miami’s urban core because we have witnessed its remarkable growth, continue to see its immense potential, and appreciate how vibrantly it has evolved into a cosmopolitan city,” Carlos Melo, principal at The Melo Group said in a statement.

The new owner didn’t comment on its plans for the site.

CBRE negotiated the sale on behalf of Swire Properties. Brokers included Robert Given, Troy Ballard, Brad Capas and James Quinn.

The Melo Group is also building Aria Reserve, a luxury development in Miami’s Edgewater neighborhood, and Downtown 6, a rental community in Downtown Miami.

Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.