After One Edgewater Stall, Bay House Sells Out

MIAMI—Bay House, a 165-unit luxury condo in Greater Downtown Miami's booming East Edgewater district, is moving forward with unit closings. The news comes two months after Ion at Edgewater crapped plans to build a 36-story tower in the same neighborhood.

Melo Group's 38-story tower is one of the first newly-constructed condominiums to deliver in East Edgewater area, which is one of the fastest-growing neighborhoods in Miami. Over a dozen new residential projects are currently in development at a time when Downtown Miami is reporting a healthy condo correction that is likely to see more projects stall.

Located at 600 Northeast 27th Avenue, Bay House is 99% sold. Only two penthouse units are available at prices from $2 million and up. Condo amenities include a 20,000 square foot resort deck complete with a swimming pool, Jacuzzi, outdoor lounge, cabanas and barbeque pavilion.

“Buyers, both international and domestic, 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 Real Estate, the project's sales and marketing brokerage. “Bay House's ideal East Edgewater location, unbelievable bay views, and unique all-three-bedroom floorplans set the development apart in this competitive market—and we're excited to finally see it come to life!”

While some condos are bound to stall in this cycle, Melo Group has a track record for success. Bay House marks Melo fifth residential tower completed this cycle—and fourteenth project overall—in the Greater Downtown Miami area. All told, Melo Group plans to deliver a mix of 2,000 residential units over the next two years in the form of market-rate rental projects as well as luxury condominiums.

The firm's latest wave of development comes on the heels of the delivery of 23 Biscayne condominium, which made headlines when it became the first new condominium to launch and sell-out during the current real estate cycle. That project marked the Miami arrival of the now-popular cash-heavy buyer financing model that is popular in Latin America.

Melo's newest development is the 647-unit Aria on the Bay condominium, which is set to rise in the heart of Downtown Miami's Arts & Entertainment district. The 53-story luxury tower feature a bayfront location with direct unobstructed views of Biscayne Bay and the Miami Beach skyline. Construction is estimated to get underway this summer, with completion slated for mid-2017.