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.

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.