The Melo Group has started construction on the luxury Bay House condo tower in Miami’s Edgewater neighborhood, The Real Deal has learned.
Melo hosted a groundbreaking ceremony at the 600 Northeast 27th Avenue project site. The family-run development firm has already presold 107 of Bay House’s 167 units, according to the company. Melo hopes to complete the 38-story tower during the first quarter of 2015.
“Bay House will introduce a new standard of luxury living to East Edgewater that will be an important part of the area’s transformation into a thriving neighborhood,” Melo principal Carlos Melo said in a written statement. “We have been developing in the area for the last 10 years and now look forward to the successful completion of Bay House.”
During Thursday’s ceremony, Melo executives awarded more than $1 million in commission checks to brokers who arranged Bay House presales. Many of the early buyers are from South America, Mexico and Europe.
“Buyers, both here and abroad, are recognizing the value of owning a residence in a neighborhood that is centrally located and surrounded by some of Miami’s highest-end restaurants and shopping,” Cervera Realty managing partner Alicia Cervera said in a written statement. Her company is the exclusive sales partner for Bay House.
Bay House was one of five Edgewater developments showcased in a beaming light display that was installed during Art Basel week. — Eric Kalis