One of South Florida’s most experienced residential development firms continues to tap into growing demand for rental living in Downtown Miami.
Miami-based Melo Group has launched construction of Square Station, a new multifamily rental complex in downtown’s Arts & Entertainment district, after successfully landing a $103 million loan from BB&T Bank.
The luxury residential community will include a pair of 34-story towers with 710 rental apartments catering to young middle-class urbanites who work in and around Downtown Miami and the Brickell Financial District area. The transit-oriented development, now rising at 1424 NE Miami Place directly adjacent to Miami-Dade Metromover’s School Board Station, also will include approximately 15,000 square feet of commercial space for ground floor restaurants and retail.
Upon completion in 2018, Square Station will mark Melo Group’s 11th apartment building built in the greater Downtown Miami area, bringing the firm’s total multifamily portfolio to approximately 2,883 rental units delivered since 2003.
Melo Group has been a pioneer in the Downtown Miami multifamily market, which is benefiting from an influx of young professionals and millennials seeking an urban lifestyle. According to a new 2016 Demographics Report issued by the Miami Downtown Development Authority (DDA), downtown Miami’s residential population has increased by 150 percent since the year 2000 to nearly 90,000 residents, with young working professionals between the ages of 20 and 44 making up nearly half of the population in the urban core today.
“We’re building for young, urban professionals who aren’t quite ready to invest in their first home but still want to be close to the action in downtown,” said Carlos Melo, a principal with the Melo Group. “Our concept has always been to build for the local market, which is a sustainable model during up and down cycles. Square Station is part of a bigger end-goal to spark neighborhood revitalization in the Arts & Entertainment district.”
Square Station will include one-, two- and three-bedroom apartments with rental rates ranging from approximately $1,650 to $2,500 per month.
Luxury finishes and amenities will include granite countertops, stainless steel appliances, laminated wood floors, porcelain tile, and full-size washer and dryers in all units. Large balconies open up to sweeping views of Biscayne Bay and the downtown Miami skyline. Building features include a resort-style swimming pool and pool deck, Jacuzzi, fully-equipped fitness center, valet service, covered garage parking, security control remote access, and a social room for residents.
Square Station will join Melo Group’s newly opened and fully occupied Melody Tower, a neighboring 497-unit luxury rental tower also in downtown’s Arts & Entertainment district, which opened to tenants in May 2016 across from the Adrienne Arsht Center for the Performing Arts.
Square Station will be located within walking distance from several public transit options — with Miami-Dade Metromover’s School Board Station located less than a block away — making neighborhoods like the Design District, Wynwood, Midtown and Miami Beach accessible within minutes. The Miami Trolley and Metrorail system also will be in close proximity, which provide access throughout Miami-Dade County with frequent and direct service to and from Miami International Airport.
“We see great value in building rental and condo projects that are walking distance from public transportation,” said Martin Melo, a principal with the Melo Group. “Square Station will address Downtown Miami’s traffic congestion and ultimately reduce our reliance on cars by encouraging pedestrian traffic and promoting the use of alternative forms of transit.”
Downtown Miami’s Arts & Entertainment district is home to some of South Florida’s top destinations for arts and culture, entertainment, dining and shopping. Square Station residents will be within blocks of world-class venues such as the Adrienne Arsht Center for the Performing Arts; Perez Art Museum Miami (PAMM) and the upcoming Patricia and Phillip Frost Museum of Science at Museum Park; AmericanAirlines Arena; Margaret Pace Park, and future mega retail projects including Miami Worldcenter and Brickell City Centre.
All told, Melo Group plans to deliver a mix of about 2,000 residential units over the next two years in the form of high-end, transit-oriented rental projects as well as luxury condominiums.
Learn more about the Melo Group at www.themelogroup.com.