[chris08876]

Melo Takes Miami Condos to New Heights

Melo Group has earned its place as one of South Florida’s most active residential real estate developments. Now, the developer is taking condos to new heights—literally and figuratively.

Now 97% sold out, Melo’s 165-unit Bay House has topped-off construction at 38 stories. At the same time, the newly-launched 647-unit Aria on the Bay tower has surpassed $200 million in sales. Both projects are located within Miami’s urban core.

These projects are part of what will go down in company history as its most active development year since 2001. The firm secured multiplied millions of dollars in financing, delivered two residential towers, and launched construction and sales for two more projects in the past 12 months.

“Melo Group’s success is the result of more than 60 years of experience in the real estate industry and the company’s vision for turning around underserved neighborhoods,” says Alicia Cervera Lamadrid, managing partner of Cervera Real Estate, Aria on the Bay’s exclusive sales and marketing partner. All told, Melo plans to deliver an additional 2,000 residential units over the next two years.

But let’s do a quick year end review of Melo’s activity. Melo topped off construction at Flagler on the River, a 300-unit mixed-use tower in the Miami River District. The building was fully-leased a few months later—before the grand opening.

Melo secured a $40 million construction loan from Florida Community Bank to fund the development of the 165-unit Bay House condominium in April. By that time, the project had already reached the sixth-floor level.

===================================
http://www.globest.com/news/12_1008/...ts-353541.html