A family-run, South American residential development company is prepared to bet its fortune that the Greater Downtown Miami condo market is on the verge of entering a new growth phase in the real estate cycle.
The development company, the Melo Group, founded by father Jose Luis Melo with sons Carlos and Martin, is moving forward with plans to build and self-fund an 18-story condo tower in Greater Downtown Miami, despite more than 3,200 new units built in the district during the boom still remaining unsold as of March 31.
Preconstruction sales for the proposed 96-unit tower — dubbed 23 Biscayne Bay condominium — in the Biscayne Boulevard Corridor neighborhood of Greater Downtown Miami are already underway with an initial focus on South American buyers. With a purported 48 percent of the proposed condo project already presold overseas, the developer plans to broaden the preconstruction sales and marketing effort to include U.S. buyers.
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