More rentals are coming to downtown near Flagler Street, a short walk from the river

Looking for a downtown rental near Flagler Street? Wait about 18 months and you’ll have plenty of options.

The Melo Group has launched construction on two of three planned towers in the downtown core.

The family development firm started construction on its Downtown 1st highrise at 22 SW 1st St. in March, according to CoPrincipals and brothers Carlos and Martin Melo. The 57-story rental tower will have a total of 560 units with eight retail and restaurant spaces on the ground floor. Completion is slated for late 2022.

Units will range from a one-bedroom, one-bathroom to a three-bedroom, three-bathroom layout.

The listing prices have yet to be determined.

“With each passing day, young people want to have everything close by them and take advantage of their free time instead of wasting hours getting to places by using a car,” Carlos Melo said. The buildings will target people who work in Brickell, Edgewater, Miami Beach and the the central business district, where Moishe Mana is creating a tech hub.

Renters who don’t want to wait can check out Melo’s Downtown 5th rental towers at 55 NE 5th St. That project is slated to open in June with 1,042 apartments ranging from a one-bedroom, one-bathroom unit listed for $1,400 per month to a three-bedroom, three-bathroom unit listed for $3,200 per month. Pre-leasing activity has come from locals and arrivals from California, Connecticut, Michigan, New Hampshire, New Jersey, New York and North Carolina.

Developers and the Downtown Development Authority are breathing new life into the neighborhood with a focus on creating a bustling residential community. New residential and retail developments in the pipeline include the Aston Martin Residences, Miami Worldcenter, Natiivo Miami, E11EVEN Hotel & Residences Miami and

Time Century Jewelry Center.

Previously, Melo seeded development in Edgewater, where it created 10 high-rises, and the Arts & Entertainment District, where it has six buildings.

Rebecca San Juan: 305.376.2160, @rebecca_sanjuan

The Melo Group The Melo Group has launched construction of its second downtown Miami apartment rental tower, Downtown 1st. It is scheduled to be completed in late 2022.