Downtown 5th recently became the most extensive multifamily development built in Miami’s Central Business District (CBD) when it completed construction 18 months after breaking ground in 2019. The twin 52-story towers feature 1,042 rental units ready for occupancy and already 100% 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, a residential real estate company that developed the property. “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.”
With tech and financial firms like Blackstone, Apollo, Uber and Point72, among companies recently announcing moves to the area, the demand for residential and office space continues to grow. Melo Group also recently broke ground on Downtown 1st, a 57-story tower with 560 market-rate rental apartments featuring 10,000 square feet of office space and 3,000 square feet of ground-floor retail space. Plans are also in the works to construct a third tower, Downtown 6th, which will add 800 rental units to the area.
“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.”
Apartments at Downtown 5th are located at 55 & 25 NE 5th Street and feature expansive balconies with bay and city views, floor-to-ceiling sliding doors, energy-efficient tinted glass, European-style kitchen and bathroom cabinetry. Rental costs for the units range from approximately $1,700 to $4,000 per month. Building amenities include two swimming pools, a 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.
For more information, visit downtown5.com
