Melo Group Secures $85M Loan for Downtown Miami Apartment Towers
Art Plaza, located at 58 NE 14th St., will include 577 two-bedroom units and 90 one-bedroom apartments, along with 11,764 square feet of street-level retail and restaurant space.
MIAMI—Ocean Bank has provided locally-based Melo Group with an $85-million construction loan for its Art Plaza Apartments high-rise towers in Downtown Miami.
Melo Group has already commenced construction on the 667-unit project that involves two 34-story towers being developed west of the Adrienne Arsht Center for the Performing Arts and one block from the Miami-Dade Metromover School Board Station. The development is expected to be completed in mid-2019.
“Melo Group has an exceptional track record of developing quality Class A multi-family residences in Miami,” says Ralph Gonzalez-Jacobo, EVP of Ocean Bank. “We have a long-term relationship with Melo Group and are pleased to be involved in another of their high-rise projects.”
Elena Otero from Holland & Knight LLP represented Ocean Bank, while Florentino Gonzalez from Shutts & Bowen represented the Melo Group in the financing transaction.
Art Plaza, located at 58 NE 14th St., will include 577 two-bedroom units and 90 one-bedroom apartments, along with 11,764 square feet of street-level retail and restaurant space. Building amenities planned for the development include a resort-style swimming pool and pool deck, Jacuzzi, fitness center, valet service, available covered garage parking, security controlled remote access and a residents’ social room.
The Melo Group just recently completed the construction of the firm’s 710-unit Square Station apartment complex next door to the Art Plaza site.
The neighborhood also includes Melo’s 497-unit Melody Tower, located just east of Art Plaza and Square Station. The developer, founded in Buenos Aires in 1948, has built a host of projects, including apartments, condominiums and mixed-use buildings, in the Arts & Entertainment District, Edgewater and Brickell neighborhoods of Greater Miami.