Building 648 units in a single condo tower is proving to be no problem for Melo Group, as the developer announced that they have been enjoying strong sales at Aria On the Bay in recent months.
Over 70% of units (or about 454) are now in hard contract, the developer says. That compares to 50% sold (or 324 units) last October.
Construction is racing ahead, with a new floor being poured every week. Top off is scheduled for April 2017, with completion by the end of the year.
Melo Group’s Aria on the Bay Condominium in Downtown Miami Hits Construction Milestone
With more than 70% of its units now under contract, the 53-story luxury tower is on schedule for completion in 2017.
MIAMI, FL – June 2, 2016 – One of Miami’s most active residential development firms is reaching new heights – both literally and figuratively – at its newest luxury condominium project in downtown Miami. Melo Group’s 648-unit Aria on the Bay tower is now more than 70% sold with units under hard contract just as vertical construction hits a milestone. Crews have surpassed the building’s 11th floor pedestal, with one full level expected to be completed every week going forward for the next 48 weeks. Construction of the 53-story waterfront tower, now rising at 1770 N. Bayshore Drive along Biscayne Bay, is on track top off in April of 2017 and be completed by the end of the year.
“Now that we’ve finished the building’s pedestal, vertical construction will start to move at a more rapid pace – approximately one full floor per week – until the building tops off next year,” said developer Martin Melo, principal of the Melo Group. “Like our firm’s previous buildings, Aria on the Bay will continue Melo Group’s track record of delivering quality projects on time.”
Acquiring prime land in Miami’s urban core at an optimal time has allowed Melo Group to offer competitive price points at its condominium projects. With one- to four-bedroom units averaging at about $550 per square foot, Aria on the Bay offers an unmatched value for quality new construction in downtown Miami.
“We launched sales at Aria on the Bay with strong demand in place following the successful sellout of Melo Group’s recently completed Bay House Miami condominium,” said Alicia Cervera Lamadrid, managing partner of Cervera Real Estate, Aria on the Bay’s exclusive sales and marketing brokerage. “The firm’s track record of delivering successful residential developments throughout Miami carries invaluable weight with buyers. They’re always striving to deliver a more sophisticated, refined product with every new project they deliver – and Aria on the Bay is sure to become their most architecturally-stunning building yet.”
Aria on the Bay’s innovative architecture, interior and landscape designs are entirely the creation of internationally-acclaimed design firm Arquitectonica. The project’s opera-inspired name serves as a nod to its downtown Arts & Entertainment district location, surrounded by world-class cultural and arts venues such as the Adrienne Arsht Center for the Performing Arts, the Perez Art Museum Miami (PAMM) and the upcoming Patricia and Phillip Frost Museum of Science at Museum Park.
Residences at Aria on the Bay will feature direct bay and city views, 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. Building amenities include a 14th floor resort amenity deck, four swimming pools, custom-seated fire pits, barbecue grills, and outdoor summer kitchens. Additional features include a private spa, massage treatment facilities, a state-of-the-art fitness center, yoga studio, indoor/outdoor social room, and a theater-style screening room. The project will also feature 20,000 square feet of commercial space on the lower floors, including office, retail and restaurant space at the ground level.
With its fully-integrated approach that takes projects from development to construction, Melo Group has established strong relationships with the lending community over the years. The family-owned firm has over 60 years of experience in the real estate development industry and a commitment to delivering quality product. Aria on the Bay marks the firm’s 14th residential tower to be developed in the greater downtown Miami area since 2001.
Aria on the Bay offers one- to four-bedroom condos, as well as exclusive three-story upper penthouses, priced from the $400,000’s to over $12 million.