Melo Launches Sales for Luxury Miami Condo Tower
- Aug 12, 2014
The Melo Group has launched sales for Aria on the Bay, an ultra-luxury, 647-unit condominium high-rise in downtown Miami. The prolific regional developer has nothing but confidence in the market—and the project–despite a high-octane local development scene.
Miami’s condo market is on fire largely because of one factor. “The city’s fast recovery is due to Miami’s international appeal, no doubt about it,” Martin Melo, principal with the Melo Group, told Commercial Property Executive.
Carrying the address of 1770 N. Bayshore Dr., the 53-story Aria will stand in downtown Miami’s burgeoning Arts & Entertainment District. Prices range from the $300,000s for a one-bedroom unit to $4 million-plus for penthouses with private elevator access.
“Aria was designed to attract a large range of buyers, rather than targeting the ever-coveted wealthy international buyer. Our goal was to create a luxurious building attainable for residents of different echelons,” Melo said. “This concept will create a vibrant environment, capable of attracting wealthy part-time residents who visit Miami only a few months out of the year and professionals living and working downtown.”
The Melo Group, which has built 13 residential buildings in the Greater Downtown Miami area over the years, is an old pro at developing in both good times and bad. The company was the first developer in the city to use cash-focused financing –a 50-percent, cash-down financing program that Melo first employed in Argentina. That model enabled the firm to finance 23 Biscayne in 2011, the first condo project in Miami to start construction after the housing market crash.
“Aria is our third condo development in this new cycle, and we expect most of the buyers to be from South America and Europe, including the United Kingdom and Russia,” Melo noted. “The other two condos we built in this cycle sold mainly to international buyers, and we don’t see that changing in the near future.”
The Melo Group plans to kick off construction of Aria in early 2015 and expects to be ready for the first residents in 2017.