Melo Group has finally unveiled its plans to build two 60-story waterfront residential towers in Edgewater.
The Miami-based developer is planning to build 782 units and 9,000 square feet of ground floor retail and commercial space at the property at 700 Northeast 24th Street. The Next Miami first reported the proposal.
Melo Group is requesting approval from Miami-Dade’s Shoreline Review Committee for the development, called Island Bay. Melo wants to shut down some of the nearby streets to begin construction. In exchange, it would dedicate the roughly 44,000 square feet of land back to the city.
In a statement, Melo said it’s building 480 feet of waterfront property with public access along Biscayne Bay and making improvements to create a play street, which is where a dead end waterfront street is converted into a pedestrian and bicycle plaza.
The company, led by Jose Luis Ferreira de Melo, Martin Melo and Carlos Melo, focuses on condos and rentals in Miami. It has built a number of buildings in Edgewater and the Arts & Entertainment District, including 23 Biscayne at 601 Northeast 23rd Street, 22 Biscayne Bay at 615 Northeast 22nd Street, and 22 Skyview at 425 Northeast 22nd Street.
Melo is currently closing out sales of Aria on the Bay in downtown Miami, a 53-story luxury condo tower at 1770 North Bayshore Drive. Earlier this year, the firm closed on a construction loan for Miami Plaza, a 36-story apartment tower in the A&E District.
At 60 stories tall, Island Bay could be the tallest buildings in Edgewater. Two Roads Development is currently building the 57-story condo tower Elysee Miami and Vlad Doronin’s OKO Group is constructing the 57-story Missoni Baia.
Carlos Melo previously told The Real Deal in March that the company bought more than 70 properties in order to acquire the land for Island Bay.
“We bought condominiums one by one, we bought small rental buildings, we bought houses [and] foreclosures. In the last eight years, [we] put all of this together, and now it is complete,” Melo said.
He said they will start construction “when the market is ready.”