Melo closes $85M construction loan for Art Plaza apartments

Developer recently completed nearby Square Station project

Jun.June 06, 2018 09:45 AM

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.

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.

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