Now 97% sold out, Melo’s 165-unit Bay House has topped-off construction at 38 stories. At the same time, the newly-launched 647-unit Aria on the Bay tower has surpassed $200 million in sales. Both projects are located within Miami’s urban core.
These projects are part of what will go down in company history as its most active development year since 2001. The firm secured multiplied millions of dollars in financing, delivered two residential towers, and launched construction and sales for two more projects in the past 12 months.
“Melo Group’s success is the result of more than 60 years of experience in the real estate industry and the company’s vision for turning around underserved neighborhoods,” says Alicia Cervera Lamadrid, managing partner of Cervera REal Estate, Aria on the Bay’s exclusive sales and marketing partner. All told, Melo plans to deliver an additional 2,000 residential units over the next two years.
But let’s do a quick year end review of Melo’s activity. Melo topped off construction at Flagler on the River, a 300-unit mixed-use tower in the Miami River District. The building was fully-leased a few months later—before the grand opening.
Melo secured a $40 million construction loan from Florida Community Bank to fund the development of the 165-unit Bay House condominium in April. By that time, the project had already reached the sixth-floor level.
In June, Melo broke ground on the 497-unit Melody Tower, a 36-story luxury rental building currently under construction in Downtown Miami’s Arts & Entertainment District next to the Adrienne Arsht Center for the Performing Arts. A few months later, the firm closed on a $67 million syndicated loan provided TotalBank and Sabadell Bank provided to help fund construction.
Melo in August launched sales for its largest luxury project to date, Aria on the Bay. Finally, in September the firm delivered 25 Mirage, a 171-unit luxury rental building in the Edgewater District. It was 100% occupied in just a few weeks.
The firm’s latest wave of development comes on the heels of the delivery of 23 Biscayne condominium, which made headlines when it became the first new condominium to launch and sell-out during the current real estate cycle. That project marked the Miami arrival of the now-popular cash-heavy buyer financing model that is popular in Latin America.
Bay House will mark the firm’s fifth residential tower completed this cycle—and 14th project overall in Greater Downtown Miami—when it comes to market in early 2015. Aria on the Bay, Melo’s most recently launched condominium project, is set to rise at 1770 North Bayshore Drive and come to market in 2017.
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