MIAMI—Bay House has officially launched. Melo Group's newest development will rise at 600 NE 27th Street in Miami's Edgewater East neighborhood. Construction of the 38-story tower is set to begin this fall and be completed in late 2014.

Bay House will offer 164 luxury residences—only five units on each floor. All units offer private or semi-private elevators and large balconies. The building's unit mix includes two- and three-bedroom condos priced from the $490s to more than $1 million. The average price is $380 per square foot.

“Look at a map of the development activity now underway in Miami, and Edgewater East is at the center of the action,” says Melo Group principal Martin Melo. “Bay House will be the address of choice for residents seeking the conveniences that come with living in a pedestrian-friendly urban neighborhood along with sweeping water views and top-tier, luxury amenities.”

Bay House will sit on a stretch along Biscayne Bay east of Biscayne Boulevard between 17th and 37th streets, just north of the Central Business District and directly west of Miami Beach. The project is close to Miami's major arts and entertainment venues, public transit connections, and Miami International Airport. The Midtown, Wynwood and Design District neighborhoods are adjacent to Bay House.

Melo Group has been a driving force behind the growth of Edgewater East since 2003. Bay House marks the firm's 10th residential tower in the neighborhood. The firm has delivered more than 1,700 residential units in Miami and more than 5,000 units throughout the Americas since its 1948 founding in Argentina.

While many Miami developers suspended projects during the recession, Melo Group continued to build. Construction of Edgewater East's 23 Biscayne Bay began in July 2011 and the 96-unit building was completed and sold-out in less than 10 months. That made it the first Miami condominium tower to be built and fully sold in Miami during the recession. 23 Biscayne Bay attracted foreign buyers that purchased units with at least 50% cash down payments. Other Melo Group developments in the Edgewater East neighborhood include 1800 Biscayne Plaza, 22 Biscayne Bay, 25 Biscayne Park, and Skyview.

The launch of Bay House coincides with Miami's emergence as a top residential market for buyers hailing from across the US, Latin America, Europe and Asia. In Miami's urban core alone, more than 97% of the 23,000 condos built during the last real estate cycle are now occupied, according to the Miami Downtown Development Authority. Diminishing supply, rising home values, and a gradually improving economy are ushering in the next cycle of development.