Melo Group Launches Pre-Leasing For Miami Plaza Apartment Tower In Downtown Miami's Arts & Entertainment District

Melo Group, one of Downtown Miami’s preeminent real estate development firms, is getting ready to open their latest residential tower addressing two of the city’s most-pressing issues, housing affordability and traffic. Ahead of its May opening and following its construction top-off in late 2019, Melo is now launching pre-leasing for Miami Plaza, its newest transit-oriented rental building in Downtown Miami’s Arts & Entertainment District in Miami’s urban core. The 425-unit Miami Plaza tower, situated adjacent to the Miami-Dade Metromover School Board Station at 1500 Northeast Miami Place, will complete the final phase of Melo’s 5-year plan to activate and inject new life into Downtown’s previously-desolate Arts & Entertainment District with more than 2,300 attainably-priced multifamily apartments and over 8,000 SF of retail/restaurant space.

“Although our renters are diverse,” says Melo Group Principal Carlos Melo, “we’re seeing strongest demand coming from millennials who prefer 24-hour, live-work-play environments over long commutes. We look for sites within easy walking distance of public transportation as well as shopping and entertainment venues. All of our developments in the Arts & Entertainment District are just steps away from the Metromover, providing easy access into Downtown Miami’s CBD and Brickell Financial District.”

Miami Plaza rises 36-stories and caters to a growing influx of young professionals in Downtown Miami seeking walkable live-work-play lifestyles without the commute. Units at Miami Plaza range from one- to three-bedrooms measuring from approximately 700 to 1,400 SF in size, with competitive rental rates ranging between $1,680 and $2,800 per month. Apartments at Miami Plaza will feature spacious living rooms, formal dining rooms, expansive balconies with glass railings, floor-to-ceiling sliding doors, energy-efficient tinted glass, European-style kitchen and bathroom cabinetry, granite countertops, double door refrigerators, stainless steel appliances, imported ceramic tile and laminated wood flooring, and full-size washer and dryers. Amenities will include a large 70-foot swimming pool, a fully-equipped fitness center, a café social lounge, 24-hour concierge/security, and a multi-level secured garage with valet service.

Melo Group’s father-and-sons team, led by Jose Luis Melo and his two sons Carlos and Martin Melo, has been a driving force behind Miami’s real estate resurgence since 2001, with the firm recognized today as one of the region’s preeminent developers of high-end residential developments in Downtown Miami. Upon its completion, Miami Plaza will become Melo’s 16th residential building delivered in the Greater Downtown Miami area, bringing the firm’s portfolio to nearly 5,000 total condo and rental units completed with another 2,000+ units in the works. Melo Group’s previously completed developments in the area are all clustered around the Metromover station within a few blocks of each other. Completed projects in the Arts & Entertainment District include the 497-unit Melody Tower, which delivered in 2016; the 710-unit Square Station towers, which delivered in 2018; and most recently, the 667-unit Art Plaza towers, which delivered in 2019. Melo Group’s next residential project, Downtown 5th, is now under construction at 55 NE 5th Avenue in Downtown Miami’s Central Business District. With completion slated for 2021, the luxury apartment complex will include twin 51-story towers with 1,042 rental units and more than 5,000 SF of ground-floor retail/restaurant space.

“The Arts & Entertainment District’s concentration of attractions – from world-class cultural venues to dozens of dining and shopping choices – cater to every taste,” says Melo Group Principal Martin Melo, “as does the district’s proximity to other hot neighborhoods such as Wynwood, Miami Design District and Midtown Miami. Our newest buildings in the area have an exciting collection of newly-opened and upcoming restaurants and retail offerings to serve the everyday needs of our residents. Everything you need is within just a few blocks from your apartment.”

Melo Group is bringing life to the area with a total of more than 45,000 SF of new retail and restaurant space at the base of their apartment buildings to serve tenant’s everyday needs. Some of the community’s newest tenants include Bunbury, Bistro Café, Tapout Fitness, My Salon, Spot Barbershop, Shine Nail Salon, New York Roma Pizza and Testa Wines. Melo is also gearing up for the Summer 2020 debut of “Art Kitchen” – an indoor/outdoor dining promenade at the base of the firm’s Art Plaza towers that will feature ten different restaurant concepts with cuisines ranging from Indian, Peruvian, Mexican, Japanese, Italian and more.

Aztec Group Arranges $142 Million In Debt Financing For Melo Group's Art Plaza

Aztec Group, Inc., Florida’s leading real estate investment and merchant banking firm for the past 38 years, announces that Peter Mekras, President of Aztec Group, has arranged $142 million in debt financing for Art Plaza in Miami, Florida, consisting of 667 rental apartments and 15,000 SF of retail space. This is the 10th loan Mekras has placed for Melo Group, who most recently placed $142 and $108 million loans for Melo’s 710-unit Square Station and 497-unit Melody Tower respectively.

Art Plaza was developed by Miami-based Melo Group, a family-owned and operated real estate development firm based in Miami, Florida and specializing in the construction, design and delivery of high-quality residential buildings. Art Plaza opened June 2019, and achieved rapid leasing velocity with 95% occupancy in less than six months. Art Plaza is located at the corner of NE 1st Avenue and NE 14th Street in the heart of Miami’s Arts & Entertainment District, just one block from the Metromover’s School Board station.

Aztec Group was engaged on an exclusive basis by the Owner to conduct a broad investment banking process. The firm obtained quotes from banks, agencies, pension fund advisors, private equity, financial and life insurance companies. After assisting the borrower to analyze numerous quotes and structures, the $142 million loan was awarded to Freddie Mac via Berkadia’s Miami Office as its seller servicer. The 10-year loan features full-term interest-only and a fixed rate under 3.50%.

“Our process mitigated Art Plaza’s limited stabilized operating history and Miami’s perceived housing supply concerns.” said Peter Mekras, President of Aztec Group. “We are pleased to be a part of Melo Group’s unparalleled effort to deliver more than 2,000 units of needed rental housing in the heart of the Arts & Entertainment District.”

Art Plaza marks the third multifamily development that Melo Group has delivered in the Arts & Entertainment District since 2016, and is part of the firm’s larger plan to bring over 2,300 transit-oriented rental units to the growing neighborhood. The firm’s previously completed developments, including the 497-unit Melody apartment tower and 710-unit Square Station towers, all cater to young professionals wanting to live close to their jobs in and around Downtown Miami and Brickell. The firm’s next rental development in the area, the 437-unit Miami Plaza tower, is now under construction adjacent to Square Station on the north side of the Metromover and is slated for completion in mid-2020.

Melo Group Launches Pre-Leasing For Art Plaza Apartments In Downtown Miami

The Melo Group, one of Miami’s most prolific residential developers who have quickly transformed Downtown Miami and its Arts & Entertainment District, have launched pre-leasing for Art Plaza, a transit oriented, community minded 667-unit apartment complex walking distance from the School Board Metro Mover Station. Located in the burgeoning downtown Miami Arts & Entertainment District, the 34-story, two-tower Art Plaza will offer one- and two-bedroom apartments which range in size from 760 SF to more than 1,300 SF, with monthly rents starting at $1,600. Art Plaza has topped off construction and is slated to deliver to market in mid-2019. Building amenities will include a resort-style swimming pool and pool deck, Jacuzzi, fully-equipped fitness center, valet service, available covered garage parking, security control remote access and a social room for residents – plus on-site services provided by another 15,000 square feet of ground-floor retail and restaurants. The opening will cap off phase three of a four phase plan that will deliver more than 2,300 market-rate apartments in Miami’s urban core.

“Although our renters are diverse,” says Melo Group principal Carlos Melo, “we’re seeing strongest demand coming from millennials who prefer 24-hour, live-work-play environments over long commutes. We look for sites within easy walking distance of public transportation as well as shopping and entertainment venues. Both projects, for example, are just steps away from the Metromover, providing easy access into Downtown Miami’s CBD and Brickell Financial District.”

As a community-minded real estate developer, Melo Group has made a concerted effort to build for local and regional market demand, bringing nearly 5,000 market-rate rental and luxury condominium residences to market over the past decade. Next-door to Art Plaza, Melo’s Square Station apartment tower, which opened May 2018, has seen is 710 units approach full occupancy. A fourth development, the 425-apartment Miami Plaza, is planned nearby, bringing the total number of market rate apartments that the development firm has brought to downtown Miami’s Arts & Entertainment District to nearly 2,300. Melo kicked off development in the district in 2016 when it delivered the 497-unit Melody apartment tower. In addition to market rate apartments, the three developments are also bringing more than 40,000 square feet of street-level retail space that will be populated with restaurants, shops and services catering to nearby residents.

“The Arts & Entertainment District’s concentration of attractions – from world-class cultural venues to dozens of dining and shopping choices – cater to every taste,” says Melo Group principal Martin Melo, “as does the district’s proximity to other hot neighborhoods such as Wynwood, Miami Design District and Midtown Miami. We also have an exciting collection of ground-floor retail at Square Station, including Bunbury, a popular bar and lounge that is relocating here; The Spot, a high-end barber shop; Testa Rossa Deli; a sports bar and Cucinova.”

Melo Group Opens Square Station Apartments in Downtown Miami, Encourages Car-Free Living

Times are changing in Miami. Just 2 years ago, living in Miami required a car and was a pure drivers' city. Now though, the Downtown corridor is filling in fast like Manhattan. Formerly dirt plots now feature residential and retail and matched with the advancement of ride-sharing platforms such as Uber and Lyft, Miami is now a city you can live without a car. As developers work with the city to cut back on parking to build more units, there is now a push to appeal to the non-car owning (or leasing) renter (or buyer).

Leading the initiative are rental community masterminds Melo Group. Melo Group just completed the public transit-oriented Square Station, located at 1424 Northeast Miami Place in the heart of Downtown Miami’s Arts & Entertainment District. Renters who choose to give up their complimentary parking spot will receive a $100 discount off their monthly rent for the entirety of their lease for a credit of $1,200 per year. Square Station features an outdoor plaza connecting it to the adjacent Miami-Dade Metromover School Board Station.

“With Miami becoming more urban, we wanted to reward our residents who use alternative forms of transportation and encourage people to ditch their cars,” said Carlos Melo, principal of the Melo Group. “Square Station’s ground-floor retail will also help to create walkable sense of community, while the project’s transit-friendly location – with convenient access to the Metromover, Metrorail and Miami Trolley – will promote the everyday use of public transit and reduce traffic congestion during the workweek.”

Square Station features two 34-story towers with 710 market-rate rental apartments catering to an influx of young middle-class urbanites seeking walkable, urban lifestyles where they can live, work and play. The transit-oriented development also includes 15,000 SF of street-level retail and restaurants. Apartments range from one- to three-bedrooms measuring between 900 SF and 1,500 SF, with monthly rental rates starting at approximately $1,650 for one-bedroom units; $1,950 for two-bedroom units; and $2,500 for three-bedroom units. Units feature granite countertops, Samsung® stainless steel appliances, laminated wood floors, porcelain tile, and full-size washers and dryers. Large balconies showcase panoramic views of Biscayne Bay and the Miami skyline. Building amenities include a resort-style swimming pool and pool deck, Jacuzzi, fully equipped fitness center, valet service, covered garage parking, security-controlled remote access and a social room.

According to a recent demographic analysis of Greater Downtown Miami by the Miami Downtown Development Authority (DDA), Downtown Miami’s residential population has increased by nearly 40% since 2010 to more than 92,000 residents. Young working professionals comprise the majority of the residential population, with about 41,000 residents falling between the ages of 25 and 44, up 86% since 2010.

Square Station’s completion marks the first phase of Melo Group’s larger three-phase development plan to bring nearly 2,000 transit-oriented rental units to the Arts & Entertainment District area of Downtown Miami. Next door, the firm recently broke ground on Art Plaza, two 34-story towers with 667 apartments at 58 Northeast 14th Street. Plans for Miami Plaza, an adjacent third phase at 1502 Northeast Miami Place, are to include a 36-story tower with 437 rental units and approximately 7,000 SF of retail space. The developing neighborhood also includes previously completed Melo Group’s projects including Melody Tower, a 36-story mixed-use residential building which opened in 2016 at 245 Northeast 14th Street. Melody Tower offers 497 rental apartments with 8,500 SF of ground-floor retail and restaurant space with a landscaped plaza with public art.

Melo Group Reveals Miami Plaza & Art Plaza In Fast Rising Arts + Entertainment District

Melo Group, one of Miami's leading real estate developers, has fully committed to the quickly transforming Arts + Entertainment District, formally Omni District, in Downtown Miami. After delivering Melody Tower in 2016, their Square Station development, which is nearing completion, will help reinvigorate the once desolate area by bringing 710-units over 2 towers. Other major developments in recent years include NR Investment's nearly-completed CANVAS and Filling Station Lofts. Melo Group has now revealed their plans for the proposed Miami Plaza and Art Plaza in the fast rising Arts + Entertainment District. Miami Plaza, located at 1502 Northeast Miami Place, would rise 35-stories, 350', and would feature 425 apartments with easy access to the MetroMover. The project would also bring 5,064 SF of retail to the area and 508 parking spaces. Art Plaza would feature 2 twin 33-story, 325' towers across the street from Square Station at 58 NE 14th Street. The project would bring 655 apartments and 14,599 SF of retail to the district along with 886 parking spaces. The tower is seeking a 19% parking reduction request. In all, Melo Group wants to bring 1,790 units to the Arts + Entertainment District and both projects were up for review by Miami's Urban Development Review Board on November 29, 2017.  

Melo Group Gears Up to Break Ground On Art Plaza In The Arts + Entertainment District

Melo Group is gearing up to break ground on Art Plaza in the Arts + Entertainment District. They have cleared the way after demolishing several apartment buildings on the site adjacent to CANVAS and Square Station at 58 NE 14th Street. The project will feature 2 twin towers which will each rise 36-stories and feature 667 residential units. The project will also feature 15,000 SF of retail and 886 parking spaces. 91 units will be designed as workforce housing. Miami city commissioners voted to approve rezoning on June 22, 2017 to make the project possible. Art Plaza will be built in 3 separate phases and will feature 1,814 rental apartments when complete including Melo's twin tower Square Station next door.