Melo Group's Downtown 5th, The Largest Multifamily Project Ever Built in Downtown Miami's CBD, Now 100% Leased

Melo Group has completed Downtown 5th, the single largest multifamily project built in Downtown Miami’s Central Business District. The twin 52-story tower development, located at 55 & 25 NE 5th Street, comprises 1,042 rental apartments and approximately 12,500 SF of ground floor retail space. With both towers now open for tenant move-ins, Downtown 5th has delivered with 100% of its apartments already leased, a clear sign of the continued demand for market-rate housing in Downtown Miami. Approximately 25% of leases at Downtown 5th are being signed by out-of-state renters moving to Miami. The two-tower development broke ground in late 2019 and was completed in a record of 18 months.

Now open for occupancy, Downtown 5th apartments include one-, two- and three-bedroom units measuring between 650 and 1,200 SF in size. Monthly rental rates range from approximately $1,700 to $4,000.

“We continue to invest in areas where we see demand for high-quality rental product fueled by population and employment growth,” said developer Carlos Melo, Principal of the Melo Group. “We completely pre-leased Downtown 5th’s East Tower before even opening our doors, while the West Tower leased up shortly after, which points to the clear need for the communities we are building.”

Downtown 5th’s completion comes as Downtown Miami emerges as an economic engine and global destination luring businesses, finance firms and tech companies from across the country. Greater Downtown Miami is now home to approximately 115,000 residents, up more than 70% since 2010, and welcomes 250,000 visitors and workers daily, according to Miami Downtown Development Authority research. Downtown Miami is also an economic engine for our state and region, providing annual economic output valued at more than $38 billion.

“As corporations, finance firms and tech companies continue to look to relocate or expand to Downtown Miami, the city is evolving into a global destination for business and lifestyle,” said Martin Melo, Principal of the Melo Group. “We’re seeing people moving here from major cities across the country. At Downtown 5th, about 25 percent of our tenants are coming from out-of-state, with many relocating from cities in the northeast and California.”

Downtown 5th marks Melo Group’s first completed residential development in Downtown Miami’s Central Business District, where the firm plans to deliver a total of nearly 2,500 units over the next two years. The firm recently broke ground on Downtown 1st, a 57-story tower with 560 market-rate rental apartments, 10,000 SF of office space, and 3,000 SF of ground-floor retail space; and is planning a third tower in the area, Downtown 6th, which will encompass up to 800 rental units.

Melo Group’s focus on the Central Business District comes on the heels of the transformation of Downtown’s once-vacant Arts & Entertainment District into a thriving pedestrian-friendly community with thousands of new residents, retail and restaurant options, and access to free public transportation. In a span of just four years, the firm delivered a total of 2,300 residential units to the neighborhood across four newly built multifamily developments clustered around the Miami-Dade Metromover Schoolboard Station and connected by an indoor/outdoor promenade with ground-floor retail and restaurants.

Apartments at Downtown 5th feature expansive balconies with bay and city views, floor-to-ceiling sliding doors, energy-efficient tinted glass, European-style kitchen and bathroom cabinetry, granite countertops, double door refrigerators, stainless steel appliances, spacious living and dining rooms, imported ceramic tile and laminated wood flooring, and full-size in-unit washer and dryer machines.

Building amenities include two swimming pools, spa, a state-of-the-art fitness center, a social lounge, kids game room, children’s playroom, a café, and a conference room with private workspaces.

Melo Group has been one of the leading developers behind Downtown Miami’s real estate resurgence with a portfolio of more than 6,000 total condominium and rental units completed throughout the Greater Downtown Miami area and another 2,500 units currently in development.

Melo Group Launches Sales For Luxury Bayfront Condo Tower 'Aria Reserve' In Edgewater

Miami-based real estate developer Melo Group has launched its newest luxury condo development, Aria Reserve Miami, a 62-story, twin tower luxury waterfront condominium development on Biscayne Bay in the heart of Miami’s burgeoning Edgewater neighborhood. The development will mark the tallest waterfront residential twin towers in the United States. Melo Group is now launching sales for Aria Reserve’s South Tower, which will encompass 391 spacious residences and penthouses. Construction of Aria Reserve’s South Tower is expected to begin in early 2022, with completion slated for 2024.

Aria Reserve is architecturally designed by Bernardo Fort-Brescia of Arquitectonica, with interiors by MORADA Haute Furniture Boutique, and lush landscaping by ArquitectonicaGEO. The development will offer 550 linear feet of bay frontage, with direct views of Biscayne Bay, the Atlantic Ocean, and the Miami Beach skyline.

Residences will include impeccably finished units with one- to four-bedroom floorplans measuring between 1,100 and 2,600 SF in size. Every residence at Aria Reserve will include two private elevators, a dedicated office/bonus room, at least 10-foot-high ceilings, and open flow-through layouts with expansive 11-foot-deep east- and west-facing outdoor terraces boasting unparalleled sunset views to the west and bay and ocean views to the east.

A limited collection of 15 penthouses residences will also be available, ranging from 3,500 to over 9,000 SF, each with its own one-of-a-kind personal three-car garage vault. Three trilevel penthouse mansions will feature private rooftop decks with pools and summer kitchens.

Residences are priced from about $750,000 to over $2 million, and up to $12 million for penthouses. Preconstruction sales are now underway, with starting unit prices averaging approximately $750 per square foot.

Aria Reserve’s preconstruction sales model will allow for 30%-down deposits for domestic U.S. buyers, and 40%-down deposits for international buyers. Under this model, payments are staggered with 10% deposits made at varying stages throughout the course of the development’s construction, from the reservation/contract stage all the way to top-off, with the remainder of the unit’s value due upon completion/closing. In 2011, Melo Group was the first developer in Miami to implement the now-popular 50-percent-down financing model to build its 23 Biscayne condominium.

“This type of waterfront, luxury condominium opportunity simply no longer exists in Miami at this price point,” said Martin Melo, Co-Principal of the Melo Group. “With more than two acres of open-air amenities, spaciously oversized luxury residences, and an unmatched waterfront location, Aria Reserve is sure to appeal local empty-nesters as well as out-of-market domestic and international residents looking to relocate to and live full-time in Miami.”

Standout amenities will include a two-acre recreation deck, which will be home to a semi-Olympic sized lap pool and whirlpool spa, a children’s splash pad, playground area, teen lounge and gaming center, a theater, tennis courts, basketball courts, paddle courts, a miniature golf course, and an indoor/outdoor wellness center with spa/steam/sauna facilities, massage rooms, a state-of-the-art gym, yoga lounge and meditation garden.

The building will also feature a double-level 25-foot lobby, a signature waterfront restaurant and café, two additional pool and lounge areas with two Jacuzzis and poolside daybeds, a fire pit, a dog park, and a telescope observatory area looking out over the bay. Residents will also have access to a custom-designed watersports dock with available paddleboards, kayaks, and inflatables.

On the ground floor along 23rd Street, Melo Group is developing a public park with open green space that will connect to the Miami Baywalk, providing direct access to the 5-mile-long pedestrian and bicycle-friendly waterfront promenade which runs along Biscayne Bay from Edgewater, around Brickell Key, and all the way to Brickell Bay Drive in Brickell.

The news of Aria Reserve’s launch comes as Miami experiences an extreme surge in residential real estate sales sparked by a new wave of wealthy out-of-towners opting to make South Florida their primary residence fueled by a more desirable quality of life, and lower business and living expenses, a trend which began with the 2016 tax reform bill and has only accelerated since the Covid-19 pandemic made remote working more commonplace.

“Our philosophy has always been to build for what the market demands. Over the last twenty years, our firm has acquired land in and around Miami’s Downtown waterfront – and as long-term owners and operators of real estate, our investments have allowed us to develop the right product at the right time to meet demand for locals and residents around the world wanting to live in Miami,” said Carlos Melo, Co-Principal of the Melo Group. “Now, eight years after acquiring this unique five-acre piece of waterfront land with 550 linear feet on the bay in Edgewater, we’re very excited to launch Aria Reserve, our firm’s latest luxury condominium, in what has become one Miami’s most exciting new neighborhoods.”

Melo Group has been a driving force behind Downtown Miami’s real estate resurgence with a portfolio of more than 6,000 total condominium and rental units completed throughout the Greater Downtown Miami area. The firm has found success by investing early in prime land and building for market demand, delivering more than a dozen high-end multifamily and luxury condominium towers across the city’s Central Business District, Edgewater, Miami River, and Arts & Entertainment District neighborhoods including Aria on the Bay, Square Station, Bay House, Melody and Art Plaza, amongst others.

For more information about Aria Reserve, private showings or purchasing/ leasing information please fill out the form below:

Melo Group Locks Down $99 Million Refinancing For Miami Plaza Apartment Tower In Downtown Miami

Melo Group has locked down a $99 million refinancing for its recently delivered transit-oriented Downtown Miami apartment tower, Art Plaza. The 36-story, 425-unit Art Plaza, which is located at 1500 Northeast Miami Plaza, is now 95% leased after Melo Group delivered the building in July 2020. The loan is a 10-year, interest-only loan financed by Freddie Mac and arranged by Peter Mekras of Aztec Group. The refinancing will be used to pay off a $62.7 million construction loan from BB&T which was funded in 2019.

Apartments at Miami Plaza feature expansive balconies with bay and city views, floor-to-ceiling sliding doors, energy-efficient tinted glass, European-style kitchen and bathroom cabinetry, granite countertops, double door refrigerators, stainless steel appliances, spacious living and dining rooms, imported ceramic tile and laminated wood flooring, and full-size washer and dryers. Residences at Miami Plaza apartments range from one- to three-bedrooms measuring between 700 to 1,400 square feet. Monthly rental rates initially started at approximately $1,680 for one-bedroom units; $2,100 for two-bedroom units; and $2,640 for three-bedroom units.

Building amenities 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.

Miami Plaza marks the fourth multifamily development, and sixth tower, that Melo Group has delivered in the Arts & Entertainment District since 2016 and completes the final phase of the firm’s plan to bring more than 2,300 transit-oriented rental units to the growing neighborhood. The firm’s previously completed developments in the area, all of which are clustered around the Miami-Dade Metromover School Board Station within a few blocks of each other, include the 497-unit Melody Tower, which delivered in 2016; the two-tower 710-unit Square Station, which delivered in 2018; and most recently, the two-tower 667-unit Art Plaza, which delivered in 2019. Melo Group is also developing Downtown 5th at 55 NE 5th Ave, an apartment community with 1,042 rental units spread over two 51-story towers in nearby Downtown Miami.

Melo Opens Miami Plaza Tower In Downtown Miami's Arts & Entertainment District, Marking Milestone 2,300+ Units Completed In 5 Years

Melo Group, one of Miami’s most active residential development firms, has transformed and activated Downtown Miami’s Arts & Entertainment District with attainable, transit-oriented multifamily product for local residents. The firm has officially completed Miami Plaza, its newest transit-oriented 36-story rental tower which is now open for occupancy. Miami Plaza is situated adjacent to the Miami-Dade Metromover School Board Station at 1500 Northeast Miami Plaza and is comprised of 425 rental apartments catering to the growing influx of young professionals in Downtown Miami seeking walkable live-work-play lifestyles without the commute. The development also includes approximately 8,000 square feet of ground-floor retail/restaurant space available for lease. 

Apartments at Miami Plaza feature expansive balconies with bay and city views, floor-to-ceiling sliding doors, energy-efficient tinted glass, European-style kitchen and bathroom cabinetry, granite countertops, double door refrigerators, stainless steel appliances, spacious living and dining rooms, imported ceramic tile and laminated wood flooring, and full-size washer and dryers. Residences at Miami Plaza apartments range from one- to three-bedrooms measuring between 700 to 1,400 square feet. Monthly rental rates start at approximately $1,680 for one-bedroom units; $2,100 for two-bedroom units; and $2,640 for three-bedroom units. 

Building amenities 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.

“Art Plaza completes our vision for the transformation of the Arts & Entertainment District – an area of Downtown Miami that has been residentially underserved for years – into a true live-work-play neighborhood,” said Martin Melo, principal of the Melo Group. “Our transit-friendly location, with convenient access to the Metromover, Metrorail and Miami Trolley, gives residents convenient everyday access to public transportation and will hopefully help reduce traffic congestion in Downtown during the workweek.”

Miami Plaza marks the fourth multifamily development, and sixth tower, that Melo Group has delivered in the Arts & Entertainment District since 2016 and completes the final phase of the firm’s plan to bring more than 2,300 transit-oriented rental units to the growing neighborhood. The firm’s previously completed developments in the area, all of which are clustered around the Miami-Dade Metromover School Board Station within a few blocks of each other, include the 497-unit Melody Tower, which delivered in 2016; the two-tower 710-unit Square Station, which delivered in 2018; and most recently, the two-tower 667-unit Art Plaza, which delivered in 2019.

“The demand for highly-amenitized, well-built attainable rental units within walking distance of our city’s transit systems, prime retail and entertainment venues is strong,” added Carlos Melo, principal of the Melo Group.

Melo Group has helped activate Downtown’s Arts & Entertainment District bringing a total of more than 45,000 square feet 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 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.

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. Miami Plaza is Melo’s 16th residential building delivered in the Greater Downtown Miami area, bringing the firm’s portfolio to more than 5,000 total condo and rental units completed with another 2,000+ units in the works.

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 square feet of ground-floor retail/restaurant space.

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.