Melo Group Brings Condos to Miami Arts District
The company received financing for luxury condos in Miami.
By Dees Stribling, Contributing Editor
Miami—Melo Group has obtained $95 million in financing from Ocean Bank for the construction of Aria on the Bay, a 647-unit condo development at 1770 N. Bayshore Drive in downtown Miami’s Arts & Entertainment District. Site development for the 53-story Arquitectonica-designed tower is already under way, with construction beginning in September.
Upon completion in 2017, Aria on the Bay will offer one-, two- and three-bedroom condos, as well as three-story upper penthouses, with prices ranging from the $400,000s to more than $12 million. The units will feature private elevator access, floor-to-ceiling glass, wrap-around terraces and bay and city views.
Common amenities include, on the 14th floor, four pools – two curved lap/zero-entry pools, a Jacuzzi hot tub and a separate children’s pool – as well as a sundeck lounge with fire pits, barbecue grills and outdoor summer kitchens. The property will also sport a spa and massage treatment facilities; fitness center and yoga studio; indoor/outdoor social room; and a private screening room with theater seating.
The project will feature about 20,000 square feet of commercial space in its lower floors, including office, retail and restaurant space at the ground level. The Arts & Entertainment District is an emerging neighborhood connecting the Wynwood Arts District and Design District to downtown Miami, and as such it’s benefiting from the rapid recent growth of both Wynwood and downtown.
Melo Group is quite active in the Miami market. The company’s Melody Tower, a 497-unit rental tower in downtown Miami adjacent to the Adrienne Arsht Center for the Performing Arts, is slated for completion in early 2016. Nearby, Melo is also planning a mixed-use project expected to include 1,500 rental units, a hotel and ground-floor retail/restaurant space.
