Melo Group reveals plans for massive 60-story towers in Edgewater

The two towers would have 782 residential units

Miami /
Aug.August 21, 2019 11:30 AM
Island Bay renderings and Carlos and Martin Melo

Island Bay renderings and Carlos and Martin Melo

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.”


Related Articles

arrow_forward_ios
Charles Kushner, Nicole Kushner Meyer and Laurent Morali with a rendering 1900 and 2000 Biscayne (Kushner Companies)
Kushner, partner buy missing piece of Edgewater multifamily dev site
Kushner, partner buy missing piece of Edgewater multifamily dev site
From left: Joel Rodriguez (seller) and buyers Michael Konig, Louis Birdman, Kevin Venger and Alex Posth (729 Edge Miami, One Thousand Museum, Impact Wealth)
Developers of One Thousand Museum look-alike close on portion of Edgewater site
Developers of One Thousand Museum look-alike close on portion of Edgewater site
A photo illustration of 3600 Biscayne Boulevard in Miami (LoopNet, iStock)
Denny’s sells Edgewater restaurant dev site in Miami for $24M
Denny’s sells Edgewater restaurant dev site in Miami for $24M
1836 Biscayne Boulevard and Ben Joseph of Skylight (1836 Biscayne Boulevard, Skylight)
Developers pick up historic church, dev site in Miami’s Edgewater for $20M
Developers pick up historic church, dev site in Miami’s Edgewater for $20M
Chicago firm plans apartments, commercial complex on Edgewater OZ site
Chicago firm plans apartments, commercial complex on Edgewater OZ site
Chicago firm plans apartments, commercial complex on Edgewater OZ site
Nicolas Weinstein, President of Respark Residential and Alta Developers CEO Raimundo Onetto (Berkadia, LinkedIn via Onetto, Respark)
Respark Residential acquires Wynwood Bay apartment building for $67M
Respark Residential acquires Wynwood Bay apartment building for $67M
Chicago-based multifamily investor scoops up OZ dev site in Miami’s Edgewater
Chicago-based multifamily investor scoops up OZ dev site in Miami’s Edgewater
Chicago-based multifamily investor scoops up OZ dev site in Miami’s Edgewater
PTM Partners' Michael Tillman and Nicholas Pantuliano with Kushner's Laurent Morali and Nicole Kushner with renderings of the project (PTM Partners, Kushner)
Kushner brings on PTM Partners for Opportunity Zone rental towers in Miami
Kushner brings on PTM Partners for Opportunity Zone rental towers in Miami
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...