A rendering of the Bay House luxury condominium.
Miami-based real estate developer Melo Group has closed on a $39.2 million loan from Florida Community Bank for the construction of the Bay House, a 38-story luxury condominium located in Miami’s East Edgewater neighborhood. Construction on the project began in December 2013 and has currently reached the sixth-floor level, with an anticipated completion of early 2015. Over 81% of the condo’s 165 units have already sold, and with more than $89 million in sales, most of the construction is being paid with buyer deposits and equity from the developer.
“We are not sure if we are going to need to tap into this source of funding to complete Bay House, but it is always good to get the endorsement of a reputable financial institution,” said Carlos Melo, principal with Melo Group. “Obtaining this loan says a lot about our trustworthiness, our track record and, most importantly, about our financial strength. That is something a condo buyer wants to know about a developer when making a deposit to buy a unit.”
The residences will consist of three-bedroom floor plans ranging from 1,600 to 3,100 square feet. In-unit features include panoramic views of Biscayne Bay, private and semi-private elevators and high-end appliances and finishes. The building will also feature a 20,000 square foot resort deck with a swimming pool, Jacuzzi, cabanas, an outdoor lounge and a barbeque pavilion. Prices range from the $550,000s to over $2.7 million for exclusive penthouses.
Bay House is located just blocks from the city’s arts and entertainment district, and the nearby Midtown, Wynwood and Design District neighborhoods are among the city’s top destinations for dining, shopping and culture. Conveniently located just north of Downtown Miami between the Julia Tuttle and MacArthur Causeways, the Bay House also offers direct access to public transportation connections and the Miami International Airport.
Bay House is just one of many residential projects Melo Group is currently planning for Miami’s urban core. The firm recently completed construction on the 250-unit Flagler on the River, a luxury tower that includes residential, retail and office space fronting the Miami River. With pre-leasing already underway, Flagler on the River is scheduled to open in June. Melo is currently preparing for the construction of Melody Tower, a 497-unit luxury tower located across from the Adrienne Arsht Center for the Performing Arts in Downtown Miami. To accommodate the needs of busy professionals seeking to live close to their offices, Melo is also building luxury apartments near Miami’s largest employment districts, such as Brickell, Downtown and the Health District.
For more information about Bay House, including preconstruction sales opportunities, contact Cervera Real Estate at 305-573-0666 or visit the Bay House Sales Center at 250 NE 25 Street, Suite 101. Learn more at www.bayhousemiami.com.