Developer Melo Group is racing to complete two under construction projects, while planning their biggest project yet.
A project with 1,500 apartment units with a hotel and ground floor retail space is planned near their 497-unit Melody rental tower, the developer said yesterday. Melo owns a significant amount of land along the same block.
Melo hopes to retain their reputation for building fast with Melody and the Aria On The Bay condo project in Edgewater.
Vertical construction on the Aria On The Bay condo tower will begin next month. Foundation work started in April, and Melo expects to deliver units in mid-2017.
Melody is expected to be completed in early 2016, after breaking ground in June 2014.
In a press release yesterday, Melo claimed to have completed the 38-story Bay House condo tower in just 14 months, on time and within budget (actual construction time was closer to 18 months, including foundation work.)
Ocean Bank agreed this week to provide a $95 million line of credit to finance Aria, but Melo Group principal Carlos Melo said ‘We are not sure if we are going to need to tap into this source of funding.’