Bay House

Melo Group Finishes Bay House Condo in 18 Months, Condos Selling Out Fast

The 38-story Bay House condo project in Edgewater has finished and will be closing on units soon. Developers have been succesful in selling about 30% of of its units in the past few weeks alone. Currently, they boast about 99% of the units sold, with only two $2 million penthouses remaining. Bay House is located at 600 Northeast 27th Street. Melo Group is developing the project, and they have been successful in completing construction in a mere 18 months. Construction began in December 2013, and it is ending June 2015\. Cervera Real Estate is the exclusive broker on the project. Units range from about 1,600 square-feet to over 1,700 square-feet, and the penthouses are about 2,800 square-feet to over 3,500 square-feet. Melo has moved onto a different project, the ritzy 647-unit Aria On The Bay, which began construction a short time ago. In addition, they have a 497-unit rental project called Melody under construction nearby. Melo is responsible for the creation of 14 projects in the Miami area, including five in the most recent development boom. Source: thenextmiami.com Photo credit: Bay House - thenextmiami.com

Developers Purchase Bay Condo in Edgewater

The Edgewater neighborhood has a new project being developed on the bay. The Melo Group is coming to the area, and will design and create a tower called the Bay House condo tower on Northeast 27th Avenue. Melo Group received a $39.2 million loan to start construction of the Bay House, and it will reach completion early 2015\. The condo itself will be 38 stories tall, with 165 condo units, and nearly 80% of these Bay House condos have already been presold. Carlos Melo of the Melo Group believes that the preselling of the condos may cause them not to need the loan. “We are not sure if we are going to need to tap into this source of funding to complete Bay House,” Melo said, “but it is always good to get the endorsement of a reputable financial institution.” Recently, lenders have been growing confidence in the expansion of the Edgewater district. Banesco USA Bank offered mckafka Development Group a $16 million loan for the Crimson project, and a group of investors gave the Related Group a $31 million mortgage for the Icon Bay project in Edgewater. Source: therealdeal.com Photo credit: Bay House renderings \- bayhouse.com

Melo starts construction on Bay House condo

Bay House rendering and Melo Group principals The Melo Group has started construction on the luxury Bay House condo tower in Miami’s Edgewater neighborhood, The Real Deal has learned. Melo hosted a groundbreaking ceremony at the 600 Northeast 27th Avenue project site. The family-run development firm has already presold 107 of Bay House’s 167 units, according to the company. Melo hopes to complete the 38-story tower during the first quarter of 2015. “Bay House will introduce a new standard of luxury living to East Edgewater that will be an important part of the area’s transformation into a thriving neighborhood,” Melo principal Carlos Melo said in a written statement. “We have been developing in the area for the last 10 years and now look forward to the successful completion of Bay House.” During Thursday’s ceremony, Melo executives awarded more than $1 million in commission checks to brokers who arranged Bay House presales. Many of the early buyers are from South America, Mexico and Europe. “Buyers, both here and abroad, 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,” Cervera Realty managing partner Alicia Cervera said in a written statement. Her company is the exclusive sales partner for Bay House. Bay House was one of five Edgewater developments showcased in a beaming light display that was installed during Art Basel week. Source: therealdeal.com