The Real Deal Miami

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

Developer launched sales and construction in 2015
By Katherine Kallergis | May 02, 2018 08:45AM

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.