MIAMI—East Edgewater will never be the same as condo developers continue pushing forward with new projects. Bay House, the newest condo slated for the trendy urban residential neighborhood, just broke ground.

Melo Group is the mastermind behind the 38-story waterfront tower. Bay House will be located at 600 NE 27th Avenue and feature unobstructed views of Biscayne Bay. The groundbreaking brings the tower another step closer to its scheduled completion in first quarter of 2015.

“Bay House will introduce a new standard of luxury living to East Edgewater that will be an important part of the area's transformation into a thriving neighborhood,” says Carlos Melo, a principal of Melo. “We have been developing in the area for the last 10 years and now look forward to the successful completion of Bay House with the highest-quality in materials, design, and amenities.”

Bay House is located in the heart Miami's East Edgewater neighborhood, which stretches 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 fast-growing residential district offers direct access to Miami's major arts and entertainment venues, public transit connections, and Miami International Airport. The adjacent Midtown, Wynwood and Design District neighborhoods are among the city's top destinations for shopping, dining and culture.

To celebrate the early sales success of Bay House, the Melo recently awarded over $1 million in commission checks to participating brokers throughout South Florida. Units have already been sold to buyers from Venezuela, Argentina, Brazil, Mexico, Europe, and beyond.

“Buyers, both here and abroad, are recognizing the value of owning a residence in a neighborhood that is centrally-located and surrounded by some of Miami's highest-end restaurants and shopping,” says Alicia Cervera Lamadrid, managing partner of Cervera Realty, the exclusive sales partner for Bay House. “Bay House's ideal location in East Edgewater coupled with beautiful bay views set the development apart in this competitive market—and will continue to drive our sales activity.”

Bay House's 165 luxury residences will offer oversized balconies with panoramic views of Biscayne Bay, a 20,000-square-foot resort and pool deck. The tower will include private and semi-private elevators, premium amenities, and high-end appliances and finishes. The boutique-style building's unit mix includes two- and three-bedroom condos, with prices ranging from the $500,000's to more than $2 million for exclusive penthouses—at an average price of $395 per square foot.