Melo Group Opens Downtown Miami Residential Tower
- Jul 20, 2020
Miami Plaza, a new multifamily community from Melo Group, has opened in the Arts & Entertainment District of downtown Miami. The 36-story, 425-unit building features 8,000 square feet of ground floor retail and restaurant space. Miami Plaza is the fourth multifamily project Melo Group has opened in the Arts & Entertainment District since 2016. It is the final piece in Melo’s plan to bring 2,300 transit-oriented rental units to the area.
Apartments at Miami Plaza range from one- to three-bedroom residences extending from 700 to 1,400 square feet in size. Monthly rental rates begin at approximately $1,680 and go as high as $2,640 for three-bedroom apartment homes. The building is situated adjacent to the Miami-Dade Metromover School Board Station at 1500 Northeast Miami Plaza. It caters to the increasing population of younger professionals who want a walkable live-work-play lifestyle in downtown Miami. Given the convenient access to the Metrorail, Metromover and Miami Trolley, many downtown residents feel no need to own a vehicle.
BB&T Bank is the lender on the $62.7 million loan for the property.
“The tower brings attainable rental living to working Miami locals,” Martin Melo, principal of the Melo Group, told Multi-Housing News.
“Despite a global pandemic, Miami Plaza’s construction delivery was on time and within schedule,” he added. “There has been sustained continued demand for market-rate rental product in the area, with all three of Melo’s surrounding rental buildings close to full occupancy. Leasing at Miami Plaza is well on its way, as the building opened its doors with a significant portion of units already preleased.”
All of Melo Group’s previous developments in the area are arrayed within a few blocks of one another around the Metromover station. They include the 497-unit Melody Tower, the 710-unit Square Station and the two-tower 667-unit Art Plaza. Earlier this year, Melo Group made news for progress on another downtown development, Downtown 5th.