Melo closes $85M construction loan for Art Plaza apartments

Developer recently completed nearby Square Station project

Art Plaza rendering and Carlos and Martin Melo
Art Plaza rendering and Carlos and Martin Melo

Melo Group closed on an $85 million construction loan for two apartment towers north of downtown Miami.

Ocean Bank is providing the financing for Art Plaza, two 34-story buildings with 667 multifamily units under construction at 58 Northeast 14th Street, in Miami’s Arts & Entertainment District. The development is slated to open in mid 2019, according to a press release.

Art Plaza will include 577 two-bedroom apartments and 90 one-bedroom units, nearly 11,800 square feet of ground floor retail and restaurant space, a pool deck, gym and a parking garage. A spokesperson for Melo said rents will start at about $1,500 a month.

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Elena Otero of Holland & Knight LLP represented Ocean Bank, and Florentino Gonzalez of Shutts & Bowen represented the developer.

Melo just completed Square Station, a 710-unit, two-tower apartment project at 1424 Northeast Miami Place. Rents there range from $1,500 to $2,700 a month, the developers said in May.

The Argentine developer also recently delivered Aria on the Bay, a 53-story, 648-unit condo tower at 1770 North Bayshore Drive.