MIAMI—With condo prices in Miami's urban core rising, value-driven buyers are looking a little further north—to East Edgewater, a waterfront neighborhood just above Downtown Miami. East Edgewater remained largely overlooked during Miami's most recent building boom, but the district's land availability, combined with unobstructed water views is turning heads.
Case in point: Melo Group's 165-unit Bay House, one of the newest luxury condos planned for East Edgewater. The project is 50% reserved just three months after launching. Melo reports most of the reservations are coming from foreign buyers looking for quality—and lower prices than what Brickell and Miami Beach have to offer.
“We knew there was a demand for luxury condos in East Edgewater because of its waterfront setting and proximity to downtown, but the velocity of pre-sales reserved at Bay House has exceeded our expectations,” says Carlos Melo, a principal of Melo. “Melo Group has been developing in this neighborhood for more than a decade, and we have witnessed the area mature into a thriving residential district and destination in its own right.”
Located at 600 NE 27th Street, Bay House is close to the Design District, South Beach, Midtown/Wynwood, Downtown and the Arts and Entertainment District. Bay House will feature five residences on each floor with private elevators.
Construction is set to begin this fall and be completed in late 2014. The boutique-style building's unit mix includes two- and three-bedroom condos, with prices ranging from the $490,000s to more than $2 million for exclusive penthouses, an average price of $380 per square foot. Bay House amenities include a sky pool deck overlooking Biscayne Bay, concierge and security services, valet parking service, fully-equipped, state-of-the-art fitness center, a children's play room, a media room, and a pool-club room.
Melo is a pioneer in the redevelopment and repositioning of East Edgewater. The family-owned company began buying waterfront land there nearly a decade ago, when it traded at significant lower values than today.
Being able to amass entire city blocks, the commercial real estate developer has the ability to build closed to 2,500 more residential units in the future. Bay House stands to be the firm's 10th residential project in Edgewater since 2003.
What's more, the Melo family never stopped building during the economic slowdown. In 2011, the firm completed 23 Biscayne Bay, a 96-unit condo built in the neighborhood and sold out in a 10-month period. That project was one of South Florida's first condos to be completed post recession.
The Melos are nearing completion of a high-end rental building, also in East Edgewater, called Skyview. On schedule to open in September 2013, the 32-story building will range from one- to three-bedroom apartments. Located at 425 NE 22 Street, Skyview is one of the few new-to-market rental opportunities in the greater downtown Miami area.
Melo is a pioneer in the redevelopment and repositioning of East Edgewater. The family-owned company began buying waterfront land there nearly a decade ago, when it traded at significant lower values than today.
Being able to amass entire city blocks, the commercial real estate developer has the ability to build closed to 2,500 more residential units in the future. Bay House stands to be the firm's 10th residential project in Edgewater since 2003.
What's more, the Melo family never stopped building during the economic slowdown. In 2011, the firm completed 23 Biscayne Bay, a 96-unit condo built in the neighborhood and sold out in a 10-month period. That project was one of South Florida's first condos to be completed post recession.
The Melos are nearing completion of a high-end rental building, also in East Edgewater, called Skyview. On schedule to open in September 2013, the 32-story building will range from one- to three-bedroom apartments. Located at 425 NE 22 Street, Skyview is one of the few new-to-market rental opportunities in the greater downtown Miami area.
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