Miami—South Florida-based developer Melo Group has opened its newly developed Melody Tower, tapping into pent-up demand for downtown Miami rental living.
The new 38-story, 497-unit luxury rental tower is located at 245 NW 14th Street in the downtown Arts & Entertainment District. Melody Tower is part of an enormous transition underway in downtown Miami, where the condominium boom has given way to rental mania. Developers have begun targeting young professionals who want a downtown Miami lifestyle but lack the necessary down payment for a condo. More than 12,500 new rental units are in the pipeline in downtown Miami, about one-sixth of them coming online this year.
The tower, built on a one-acre site, features one to three-bedroom apartments whose rents range from $1,650 for a one-bedroom unit to $2,350 for a three-bedroom apartment home.
All of the buildings’ apartments have been spoken for since February, when pre-leasing began in earnest. Renters are moving in throughout this month.
Location is among the biggest lures of this transit-oriented development, which stands less than two blocks away from the Miami-Dade Metromover Omni Station. Other public transit stations are within walking distance, rendering neighborhoods like the Design District, Wynwood, Midtown and Miami Beach accessible within scant minutes’ time.
“We’re strong believers in transit-oriented development,” Melo Group Principal Carlos Melo told MHN. “Our firm prioritizes sites that are walkable and well-connected. Our developments address downtown Miami’s traffic congestion by promoting pedestrian traffic and encouraging use of public transportation as much as possible. While you still need a car to get around in Miami, at least you can use public transportation five days a week to get to and from work every day. We think that’s a good start.”
Melody Tower residents will enjoy luxury finishes such as granite countertops, stainless steel appliances, laminate wood floors, porcelain tile and full-size washer and dryers in all units. Panoramic Biscayne Bay and downtown Miami views are offered from the expansive balconies. A resort-style swimming pool and pool deck, Jacuzzi, fully-equipped fitness center, valet service, covered garage parking, security control remote access and social room for residents are among noteworthy luxury amenities of the building.
Melo Group is already at work planning its next downtown project, Square Station, which will stand next to Melody Tower and is slated to begin construction in the next few months.
“Acquiring prime land in Miami’s urban core at the optimal time has allowed us to offer competitive price points at our projects,” Melo said.
A good example is Melody Tower. With one bedrooms starting at $1,650 a month, Melody Tower offers renters attainable high-quality housing in the heart of downtown Miami, he said.