Ocean Bank provides $85M construction loan for Art Plaza Apartments project

Ocean Bank and Melo Group recently announced the bank has provided an $85 million loan for the construction of Art Plaza Apartments, a residential complex comprising two 34-story towers with 667 multifamily units in the heart of Downtown Miami.

The transit-oriented development is situated just west of the Adrienne Arsht Center for the Performing Arts and one block from the Miami-Dade Metromover School Board Station. Construction is underway and is expected to be completed in mid-2019.

“Melo Group has an exceptional track record of developing quality Class A multi-family residences in Miami,” said Ralph Gonzalez-Jacobo, executive vice president of Ocean Bank. “We have a long-term relationship with Melo Group and are pleased to be involved in another of their high-rise projects.”

Martin Melo, a principal with the Melo Group, added, “We’ve been pleased with our longstanding relationship with Ocean Bank over the years and look forward to working with the bank again in our future development endeavors.”

Art Plaza, located at 58 NE 14th St., will include 577 two-bedroom units and 90 one-bedroom apartments, along with 11,764 square feet of street-level retail and restaurant space. Building amenities will include a resort-style swimming pool and pool deck, Jacuzzi, fully equipped fitness center, valet service, available covered garage parking, security controlled remote access and a social room for residents.

Elena Otero from Holland & Knight LLP represented Ocean Bank. Florentino Gonzalez from Shutts & Bowen represented the Melo Group.

Next door, the Melo Group just recently completed the construction of the firm’s 710-unit Square Station apartment complex. The developing neighborhood also includes Melo’s 497-unit Melody Tower, located just east of Art Plaza and Square Station.

Founded in Buenos Aires in 1948, Melo’s Miami developments include apartments, condominiums and mixed-use buildings in the Greater Downtown Miami area, including the Arts & Entertainment District, Edgewater, and Brickell neighborhoods.

Ocean Bank is the largest independent, state-chartered commercial bank headquartered in Florida, with $3.8 billion in assets. For more information, visit www.oceanbank.com.

Learn more about Melo Group at www.themelogroup.com.


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