Melo completes Aria on the Bay, projecting $500M sellout

Developer launched sales and construction in 2015

Miami /
May.May 02, 2018 08:45 AM

Aria on the Bay, Martin and Carlos Melo

The Melo Group completed Aria on the Bay, a 53-story, 648-unit condo tower just north of downtown Miami.

Melo is projecting a $500 million sellout for the high-rise at 1770 North Bayshore Drive. It’s about 90 percent sold to buyers from 43 countries, brothers Carlos and Martin Melo said. Rapper Timbaland and former Miami Marlins outfielder Giancarlo Stanton are among the buyers. Closings are expected to begin next week.

The Argentinian developer broke ground and launched sales in 2015 with Cervera Real Estate. Two years later, at 80 percent sold, Melo lowered the deposit requirements from this cycle’s standard of 50 percent to 35 percent.

The tower, which overlooks Margaret Pace Park, is near Miami’s Edgewater and Arts and Entertainment neighborhoods.

Remaining units range from the $400,000s to $1.8 million and from one to four bedrooms. Aria features an amenity deck on the 14th floor with sunrise and sunset-facing pools, a Jacuzzi, grills and lounge areas. Other amenities include a spa, fitness center, yoga studio, bar and lounge, screening room, game room, business center and more. Bernardo Fort Brescia’s Arquitectonica designed the tower.

About 11,000 square feet of commercial space on the lower floors are available for rent or sale, the Melos said. The developer presold 3,000 square feet of commercial space for $8 million, but that deal has not yet closed.

Melo is also planning on opening Square Station Apartments, a 710-unit rental development nearby at 1424 Northeast Miami Place, next month. Apartments at the two-tower project will range from about $1,500 a month to $2,700.


Related Articles

arrow_forward_ios
From left: Sotheby’s Daniel de la Vega and Reagan Jefferies with Brevard County
One Sotheby’s picks up Brevard County brokerage
One Sotheby’s picks up Brevard County brokerage
10181 US Highway 98 West and 39 Sandy Dunes Circle (LoopNet)
Florida Panhandle estate sold for $25M
Florida Panhandle estate sold for $25M
Netscape co-founder Jim Clark and 2000 South Ocean Boulevard in Manalapan (Getty, Sotheby's)
Manalapan compound poised to sell for Florida-record $175M
Manalapan compound poised to sell for Florida-record $175M
Hassan Whiteside and 528 Lakeview Court in Miami Beach (Getty, Joe Azar/Compass)
NBA’s Hassan Whiteside lists Miami home for $23M, triple what he paid for it
NBA’s Hassan Whiteside lists Miami home for $23M, triple what he paid for it
(ONE Sotheby's Realty)
Former mayor George “Bud” Scholl’s waterfront home hits market for $13.9M
Former mayor George “Bud” Scholl’s waterfront home hits market for $13.9M
Home prices notched record-shattering growth in 2021, but slowdown is likely
Home prices notched record-shattering growth in 2021, but slowdown is likely
Home prices notched record-shattering growth in 2021, but slowdown is likely
6315 11th Ave Gulfport (iStock, Heckler Realty Group, Illustration by Shea Monahan for the Real Deal)
Tampa-area home billed as first in US to be sold as an NFT
Tampa-area home billed as first in US to be sold as an NFT
From left: 1840 South Ocean Boulevard, 1341 South Ocean Boulevard and 2000 South Ocean Boulevard
These were South Florida’s largest resi sales of 2021
These were South Florida’s largest resi sales of 2021
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...