Melo Group Tops Off Miami Community
- Sep 28, 2017
Melo Group has topped-off construction at Square Station, a 710-market-rate-unit community in Downtown Miami.
The property will consist of twin 34-story towers and also contain 15,000 square feet of commercial space for ground-floor retail and restaurant tenants.
“Our concept has always been to build for the local market, which is a sustainable model during up and down cycles,” Martin Melo, the Melo Group’s co-principal, told MHN. “Square Station is part of a bigger end-goal to spark neighborhood revitalization in the Arts & Entertainment district. As a firm, we see great value in building projects that are walking distance from public transportation. We hope our developments will help address downtown Miami’s traffic congestion and ultimately reduce our reliance on cars by encouraging pedestrian traffic and promoting the use of alternative forms of transit.”
Located at 1424 NE Miami Place, Square Station’s units will feature granite countertops, Samsung stainless steel appliances, laminated wood floors, porcelain tile and full-size washers and dryers. All units have large balconies, which will offer panoramic views of Biscayne Bay and the Miami skyline.
Amenities include a large 80-foot lap pool, Jacuzzi area and lounge deck, a fully equipped fitness center and a social room for residents to host gatherings and parties. The building will also offer 24-7 valet service, security-controlled remote access and covered garage parking.
“We’re building for young, urban professionals who aren’t quite ready to invest in their first home but still want to be close to the action in Miami’s urban core,” Carols Melo, Melo Group’s co-principal, told MHN. “Residents value downtown Miami’s live-work-play lifestyle; they want to walk to the office, take the train to a meeting, meet up with friends for dinner and drinks around the corner, enjoy an afternoon at the art museum, jog through the park—what might sound like life in New York City is actually what urban living is like right here in Miami’s revitalized downtown.”
According to a 2016 Demographics Report issued by the Miami Downtown Development Authority, downtown Miami’s residential population has increased by 150 percent since the year 2000 to nearly 90,000 residents, with young working professionals between the ages of 20 and 44 making up nearly half of the population in the urban core today.
“The demand for affordable rental apartments in downtown Miami is being fueled by these millennials who are seeking urban lifestyles where they can live, work and play,” Carlos Melo said. “They prefer urbanist behaviors such as leaving the car behind in favor of commuter rail, trolley lines, rapid transit buses, on-demand car services like Uber and Lyft, and bike sharing. Not to mention, Miami’s urban core has experienced a recent wave of newly-built luxury condominiums—most of which are unaffordable for these young professionals wanting to live close to their jobs in the Brickell/Downtown areas, two of South Florida’s largest employment hubs.”
The property offers convenient access to the Metromover, Metrorail and Miami Trolley and Martin Melo said it will encourage the everyday use of public transportation and reduce traffic congestion during the workweek. It’s also close by to some of South Florida’s top destinations for arts and culture, dining, shopping and entertainment, including the Adrienne Arsht Center for the Performing Arts, the AmericanAirlines Arean and the Perez Art Museum Miami.
“While certainly not a new concept nationwide, Downtown Miami has been witnessing a significant shift towards urban living in recent years with a growing need for more affordable transit-oriented residential product that caters to the area’s local working community,” Martin Melo said. “Square Station will help fill that void by providing high-quality rental units in a pedestrian-friendly setting within walking distance to arts and culture, entertainment, retail, restaurants and public transportation options.”
Square Station is expected to be completed in early 2018.
The Melo Group is also planning two phases of multifamily development in the area. Phase 2 will consist of the construction of Art Plaza, a pair of 36-story towers located next door to Square Station offering 667 residential units and about 15,000 square feet of retail/commercial space; and Miami Plaza, a 36-story tower with 437 apartments and about 7,000 square feet of retail/commercial space.