Frank Rodriguez Melo has quite a story. In short, he went from doing eminent domain work for the Florida DOT to leading one of Miami’s most significant commercial real estate organizations: CCIM Miami.
Rodriguez Melo is a CCIM and a broker, but he’s also an investor. And one of his key investment targets is Little Havana.
In fact, Rodriguez Melo is my go-to guy on Little Havana, and he came on the show recently to separate fact from fiction regarding investment opportunities there.
Rodriguez Melo said much has changed in Little Havana during last several years, due primarily to more attention from the Miami city government.
There’s a lot of historic preservation under way, he said, and real estate sales have quadrupled since the bottom of the recession. International investors – mostly Russian and Chinese right now – have been checking things out.
“I’ve always been a guy focused on fundamentals for our investors and myself,” he said. “If I can’t buy it myself, normally, then it’s not a deal our investors will be referred to.”
Rodriguez Melo said a combination of up-zoning and historic designation is allowing people to build new projects behind and around the historic assets in the area.
“Incorporating the historical side with new development is phenomenal, and I think we’re going to see a lot of that happening in Little Havana,” he said.
On the eastern boundary by the Miami River, properties of all types are being picked up, Rodriguez Melo said. Dilapidated structures are being torn down, and large property assemblages are starting near Jose Marti Park.
“We’re going to start seeing very large towers there and access for housing,” he said.
There’s a lot of hype surrounding Little Havana and its real estate potential, Rodriguez Melo said. But for careful investors, it can be rewarding.
“You must look at fundamentals. Everything goes in cycles,” he said.
“One thing I can say about Little Havana is that it’s in the city of Miami, and the city is very proactive about making sure the slum lords are cleared out. So when you’re buying a property you have to be very detailed and thorough in your due diligence because otherwise you will have a lot of surprises that will reduce your return.”
It was a great interview for anyone with even a passing interest in Little Havana real estate. Click here to listen to the full conversation with Frank Rodriguez Melo of CCIM Miami and Melo Real Estate.
