MIAMI—Aria on the Bay, a 648-unit luxury condominium Melo Group is developing in Downtown Miami, has converted over half of unit sales to contract. The 53-story tower is rising at 1770 North Bayshore Drive along Miami's Biscayne Bay.

Aria on the Bay offers one- to four-bedroom condos and three-story upper penthouses. Prices start at $400,000 and run to over $12 million. The project is expected to hit the market in late 2017.

“We're seeing continued interest from buyers around the world who are attracted to Aria's urban setting at the center of some of Miami's top destinations for arts and culture, entertainment, dining and shopping—with places like Brickell, the Design District, Midtown, Wynwood, Museum Park and Miami Beach all just a few minutes away,” says Alicia Cervera Lamadrid, managing partner of Cervera Real Estate, the project's exclusive sales and marketing brokerage.

Aria on the Bay features direct bay and city views, floor-to-ceiling glass, wrap-around terraces, private elevator access, open-plan living areas, designer finishes and fixtures, European-style kitchens, and custom-designed cabinetry. Building amenities include a 14th floor resort amenity deck, four swimming pools, custom-seated fire pits, barbecue grills, and outdoor summer kitchens. The list goes on and on as developers continue competing with wild amenities.

Alyce Robertson, executive director of the Miami DDA, tells GlobeSt.com gone are the days where a rooftop pool or fitness center will cut it. “Buyers are wanting far more in terms of luxury amenities and developers are getting creative to meet these demands—and top them,” she says. “As a result, Miami's urban core is joining the ranks of the world's elite cities with features that are collectively redefining its skyline.”

In August, Melo closed a $95 million loan to fund the construction of Aria on the Bay. Miami-based Melo tapped Ocean Bank for the funds.

“We are not sure if we are going to need to tap into this source of funding to complete Aria on the Bay, but it is always good to get the endorsement of a reputable financial institution,” says Carlos Melo, principal of Melo. “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."