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.

PROFILE Exclusive: How the Melo Group Took Edgewater Real Estate to the Next Level with Aria on the Bay

PROFILEmiami had the exclusive opportunity to sit down with Carlos and Martin Melo, founders and principals of The Melo Group, as well as tour their brand-new luxury condo development on North Bayshore Drive, Aria on the Bay. Their multi-generational family business is thriving as they continue to deliver projects across all neighborhoods and price points as their vision continues to drive the city of Miami forward. Find out how they brought Aria on the Bay from concept to reality in just a few short years.   

PM: The lot that Aria on the Bay now stands on was such a prime lot on a road with major residential demand, how did you guys get access to such a great lot/ opportunity? 
 
MM: We bought this land about nine years and what we found was a beautiful land in a premier location, so we held on to it until we decided that it was the proper time to develop it. It was also the last piece of land in front of the park and in front of the water. We worked on the design for some years and then we decided it was the moment to start!

PM: How did the concept for Aria on the Bay come about? What was your main goal with the project?
 
MM: Our main goal was to build a spectacular building, in an extraordinary location with amazing views. It’s situated in downtown Miami’s burgeoning Arts & Entertainment District, which is home to some of South Florida’s top destinations for arts and culture, entertainment, dining and shopping. It’s one block from Venetian Causeway, one block from 395 and it’s very close to the airport, Downtown, the Metromover, Adrienne Arsht Center, the museums, and the arena. 
 
When you live in a crowded city like New York or Buenos Aires, you really know what the location and views mean. We’ve seen the transformation of the city in the last 15 years, and knew that this was a prime location. You have to select what is the best place to build if you are a developer, or to buy if you are a buyer.

PM: What do you think of the recent new developments in Edgewater and the new energy they have brought to the area?
 
CM: The recent new developments are extremely nice and have changed the area. I think that people now realize the value of the Edgewater location and are starting to see the neighborhood come alive. Residents of all these new buildings and Aria on the Bay will live within blocks of world-class venues such as the Adrienne Arsht Center for the Performing Arts, Museum Park’s Perez Art Museum Miami, the Patricia and Phillip Frost Museum of Science, and the American Airlines Arena. 
 
Also, nearby are dozens of luxury retail shops and restaurants in the Miami Design District, Midtown Miami, Brickell City Centre, and the upcoming Miami Worldcenter project. Several public transit and alternative transportation options are within walking distance, with trips to South Beach and the Brickell Financial District only a few minutes away.  
 
The area is new and it is up-and-coming. We are creating a new building that will be part of a new kind of neighborhood that will fulfill necessities for the modern lifestyle and what is coming in the future. 

PM: Edgewater has seen some great towers be built in recent years. What sets Aria on the Bay apart from these other developments? What makes it so unique?
  
CM: It’s the last one to be built in front of the park, and we have a price point that is extremely reasonable for the high-end product we are delivering. We were able to have this price point because we got a good value on the land, when we bought it years ago, before anyone knew what Edgewater was. 
 
We are also a vertically-integrated firm, meaning we handle everything in-house because it allows us to have complete control of our projects – from the design process to the development/construction phase – we typically act as our own architects, general contractors, property managers and developers. The system has worked very well for us over the years, allowing us to complete our projects on time and within budget, control construction costs and move on to the next project ahead of the real estate cycle. 
 
All of the decisions are made by my father, my brother and myself. All of this allows us to reduce the price and give a better product at the best price for our buyers. 

PM: What is the best feature that residents will enjoy?
 
MM: They will be impressed with the units because they are very well designed. Units feature floor-to-ceiling glass, expansive wrap-around terraces, private elevator access, open-plan living areas, designer finishes and fixtures, European-style kitchens, and modern custom-designed cabinetry.
 
We also have a 14th floor resort amenity deck with two sunrise/sunset-facing swimming pools, a jacuzzi, custom-seated fire pits, barbecue grills and outdoor summer kitchens. Additional perks include a private spa with massage treatment facilities, a state-of-the-art fitness center, yoga studio, entertainment lounge, and a screening room. 
 
Our location can’t get any better- Aria on the Bay overlooks Margaret Pace Park giving residents access to a host of additional amenities and activities. Situated directly along Biscayne Bay, the 8-acre, the pet-friendly waterfront park offers jogging paths, biking trails, tennis courts, basketball courts, soccer fields, an outdoor gym, daily yoga and fitness classes, as well as barbecue areas, picnic and playground areas.

PM: What will Aria on the Bay mean to Edgewater in the short & long term?
 
CM: For Miami, it adds value-the beautiful architecture and design of the tower, are the creation of internationally-acclaimed design firm Arquitectonica. We had buyers from 42 different countries making it a very international tower, continuing to position Miami as an international destination and hub. 
 
In the past, when immigrants arrived in the U.S. they would often all choose to live in one neighborhood, where they could feel a piece of their homeland by sharing with other immigrants from the same county. Nowadays, Miami has become so multi-cultural that wherever you go, you feel the urge to want to be interconnected with different cultures and dive into the energetic vibes the city gives off as a whole. The world is moving towards one community and both Miami and this building are a great example of this! 

PM: Where do you see Edgewater's place in Miami in the next 5 to 10 years?
 
MM: I think it will be an extremely desirable residential area in the next 5 to 10 years. Edgewater is an option for residents who want to get away from downtown Miami’s traffic congestion, yet want to live in the urban core. If you want to work in Downtown you can walk to the Metromover and in two minutes be in Downtown. With its waterfront location, luxury buildings and pedestrian-friendly setting in the center of Miami’s thriving urban core, Edgewater is one of the best value-buys in all of South Florida.

About The Melo Group:

The Melo Group was originally founded in 1948 by Armando Ferreira de Melo in Buenos Aires, Argentina, the Melo Group is one of the strongest family-owned, full-service real estate development firms operating in South Florida today. To date they are behind more than 50 successfully completed projects which offer a combined total of more than 5,000 residential units. The company also remains actively involved in real estate development in Argentina as well as in Montevideo, Punta del Este, Uruguay. Dr. Jose Luis Ferreira de Melo acts as the President and managerial leader of the company along with his sons, Mr. Carlos Ferreira de Melo and Mr. Martin Ferreira de Melo. Their contributions to Miami include Aria on the Bay, Bay House Miami, Flagler on the River, and Melody amongst others. 

About Aria on the Bay: 

Aria on the Bay is a luxury condo development located on the coveted North Bayshore Drive in Edgewater. Units at Aria on the Bay range from 1 to 4 bedrooms and $400K to $6 million and sold around $550 per square foot. Residences feature floor-to-ceiling glass, expansive wrap-around terraces, private elevator access, open-plan living areas, designer finishes and fixtures, European-style kitchens, and modern custom-designed cabinetry. Amenities include a 14th floor resort amenity deck with 2 sunrise/sunset swimming pools, a jacuzzi, custom-seated fire pits, barbecue grills and outdoor summer kitchens, a private spa with massage treatment facilities, a state-of-the-art fitness center, yoga studio, entertainment lounge, and a screening room. More than 80 percent of the units at Aria on the Bay have been sold. For more information about Aria on the Bay, please contact Cervera Real Estate at (305) 537-0666 or visit the project’s sales gallery at 250 NE 25th Street, Suite 101, Miami, FL 33137. Learn more at www.ariaonthebay.com.