A New Architectural Landmark?

MIAMI—Call it a new architectural landmark in Downtown Miami. Melo Group's Aria on the Bay, a 53-story luxury tower, is rising at 1770 North Bayshore Drive along Miami's Biscayne Bay. The condo is set to deliver in late 2017.

Aria on the Bay offers 648 one- to four-bedroom condos, as well as exclusive three-story upper penthouses. Prices range from the $400,000s to over $12 million. The project will also feature 20,000 square feet of commercial space on the lower floors, including office, retail and restaurant space at the ground level.

"With momentum building in the Arts & Entertainment District, Aria on the Bay will provide residents a walkable, family-friendly neighborhood surrounded by world-class cultural attractions," Martin Melo, principal of the Melo, tells GlobeSt.com. Arquitectonica designed the architecture—which features a glass structure with a scalloped façade influenced by the shape of the Biscayne Bay's wave crests—interior and landscape concepts.

"Two blocks north of the Adrienne Arsht Center for the Performing Arts, Aria's semi-circular balconies make reference to those inside the classic opera houses," says Bernardo Fort-Brescia, founding principal of Arquitectonica. "They playfully stagger creating a series cylinders in performance. The arrangement could also be interpreted as a musical score, or a series of curves dancing to a tune."

Residences at Aria on the Bay will feature direct bay and city views, floor-to-ceiling glass, wrap-around terraces, and private elevator access. Building amenities include a 14th floor resort deck, four swimming pools, custom-seated fire pits, barbecue grills, and outdoor summer kitchens. The condo also features a private spa, massage treatment facilities, a fitness center, yoga studio, indoor/outdoor social room, and a theater-style screening room.

Melo is no stranger to Downtown Miami developments. The firm has built over 2,000 residential units since entering Miami from Argentina in 2001. Aria on the Bay is Melo's 14th residential tower in the greater Downtown Miami area.

Melo was the first developer in Miami to offer the cash-focused financing model to build a condominium project. The firm made headlines in 2011 when its 23 Biscayne project raised Miami's first condo construction crane in nearly three years using the 50% cash down model it leveraged to build its projects in Argentina.

Melo is no stranger to Downtown Miami developments. The firm has built over 2,000 residential units since entering Miami from Argentina in 2001. Aria on the Bay is Melo's 14th residential tower in the greater Downtown Miami area.

Melo was the first developer in Miami to offer the cash-focused financing model to build a condominium project. The firm made headlines in 2011 when its 23 Biscayne project raised Miami's first condo construction crane in nearly three years using the 50% cash down model it leveraged to build its projects in Argentina.

Is Melo on point with timing in this cycle for its 14^th tower? We're near the midpoint of the current development cycle, according to a recent report from Integra Realty Resources.

"Demand for downtown Miami living is outpacing residential supply, which is leading to strong absorption and a continued increase in sale prices and rents," Alyce Robertson, executive director of the Miami Downtown Development Authority, tells GlobeSt.com. "Fewer than 1,900 units have delivered this cycle, with 86% of those having been absorbed and another 8% closing in the next 60 days."