Melo Group has announced that it is moving forward with plans to develop the twin-tower Aria Reserve in Edgewater.
Aria Reserve will become the tallest waterfront residential twin towers in the U.S., Melo said. The 60-story towers are approved by the FAA at around 637 feet above ground, or 649 feet above sea level.
The project was previously known as Island Bay during the approval process.
Sales are now underway for Aria Reserve’s South Tower, which will include 391 residences and penthouses.
Melo says that Aria Reserve will offer the best waterfront value in Miami, with prices from $750,000 to over $2 million, and up to $12 million for penthouses. Starting unit prices average approximately $750 per square foot.
“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.
Condos will range in size between 1,100 and 2,600 square feet. There will also be 15 penthouses, ranging from 3,500 to over 9,000 square feet, each with its own personal three-car garage vault. Three trilevel penthouse mansions will feature private rooftop decks with pools and summer kitchens.
Every unit 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 11-foot-deep east- and west-facing outdoor terraces.
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 gym, yoga lounge and meditation garden.
Total open-air amenity space is said to be over 2 acres.
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 developer is also shaking up the pre-construction deposit model, with just a 30 percent deposit required to reserve a unit.
Payments will be staggered with 10 percent deposits made at varying stages throughout the course of the development’s construction, from the reservation stage all the way to top-off, with the remainder of the unit’s value due upon completion.
The 30 percent deposit will be for domestic U.S. buyers only, with international buyers requiring a 40 percent deposit.
Ironically, it was Melo that introduced the “Latin American” 50 percent deposit model to the Miami market a decade ago when it built 23 Biscayne in Edgewater, due to a lack of bank financing at the time. The previous standard in Miami was 30 percent.
Aria Reserve is being designed by Bernardo Fort-Brescia of Arquitectonica, with interiors by MORADA Haute Furniture Boutique, and landscaping by ArquitectonicaGEO.
Construction of Aria Reserve’s South Tower is expected to begin in early 2022, with completion slated for 2024.