Melo Group nabs $63M loan for Miami Plaza apartments

437-unit mixed-use project expected to be completed next year

Apr.April 03, 2019 04:30 PM

Martin and Carlos Melo and a rendering of Miami Plaza

Melo Group closed on a construction loan for Miami Plaza, a 36-story tower in Miami’s Arts & Entertainment District, property records show.

BB&T Bank is the lender on the $62.7 million loan for the property at 1502 Northeast Miami Place. The project, planned to have 437 apartments and 7,000 square feet of ground floor commercial space, broke ground in March, Carlos Melo previously said.

Miami Plaza will be completed next year, and pre-leasing will begin a few months ahead of opening, a spokesperson said. Rents will be similar to Melo’s nearby projects, Square Station and Art Plaza. At Art Plaza, rents start will start this summer at $1,600 a month.

Carlos and Martin Melo, principals of the company, said in a statement that Miami Plaza launches the last phase of the firm’s five-year plan to build more than 2,300 rentals in the A&E District.

Square Station, at 1424 Northeast Miami Place, was completed last year with 710 rentals and is fully leased. Art Plaza, at 58 Northeast 14th Street, is expected to open in July with 667 apartments, and Downtown 5th, a 1,042-unit high-rise at 501 North Miami Avenue, could break ground next year.

Related Articles

From left: Peter Mekras, Martin Melo, and Carlos Melo, with Art Plaza

Melo Group lands $142M refi for Art Plaza

2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

Madison Realty Capital'a Josh Zegen and Fort Partners' Nadim Ashi  

Four Seasons in Fort Lauderdale scores $210M loan

Daily Digest Miami

South Florida home sales struggle in October, Cipriani and Terra plan luxury condo

Rendering of Sailboat Bend II

Affordable housing project in downtown Fort Lauderdale lands $27M loan

Rendering of the Edgewater Holiday Inn pool

Bank OZK lends $28M for Holiday Inn project in Edgewater

Rendering of SLS Resort Residence & Marina Hallandale Beach, Ari Pearl, Sam Nazarian and Faisal Ashraf

Ari Pearl lands $100M loan to build first phase of SLS project in Hallandale Beach

David Martin and the site at 2655 South Bayshore Drive (Credit: Realtor)

Terra closes on $185M construction loan for latest Coconut Grove project