Miami Condos Can’t Stop, Won’t Stop

Melo Group lands construction financing for a new 647-unit tower.

Miami — While industry experts continue to warn of a cool down, the condo deals continue to flow in Miami. Melo Group announced yesterday afternoon that it has closed a $95 million loan from Ocean Bank to build a 647-unit luxury condo at 1770 N. Bayshore Drive in the city’s Arts & Entertainment District.

Known as Aria on the Bay, the 53-story, Arquitectonica-designed property will have direct views of both the Biscayne Bay and the Miami Beach skyline. Site work is already underway, and delivery is slated for 2017.

“We are not sure if we are going to need to tap into this source of funding to complete Aria on the Bay, but it is always good to get the endorsement of a reputable financial institution,” said Carlos Melo, principal of the Melo Group. “Obtaining this loan says a lot about our trustworthiness, our track record and, most importantly, about our financial strength. That is something a condo buyer wants to know about a developer when making a deposit to buy a unit.”

Back in December, The Real Deal reported that Melo had reached $200 million in preconstruction sales at the property. Units will range in price from the $400,000s to more than $12 million. Amenities include a resort deck on the 14th floor featuring a pool, hot tub, children’s pool, sundeck lounge, fire pits, barbecue grills and outdoor summer kitchens. There is also a spa center, fitness room and yoga studio, a social room, screening room and 20,000 square feet of commercial space on the lower floors.