Melo reveals plans for new rentals in Arts & Entertainment District
Project will have 710 units and 15,000 SF of commercial space
April 11, 2016 04:30PM
Renderings of Square Station
On the eve of opening its newest rental tower in Miami’s Arts & Entertainment District, Melo Group has unveiled its plans for a new apartment complex blocks away from the Arsht Center.
As first pointed out by the Next Miami, Melo recently released details of a large new rental project called Square Station on its website.
The developer plans to build a pair of 34-story towers with 710 apartments combined, plus an attached parking structure with 946 parking spots and 15,000 square feet of retail and restaurant space. Located at 47 Northeast 14th Street, the project site is adjacent to the Metromover’s School Board Station stop a few blocks away from the Adrienne Arsht Center for the Performing Arts.
Rents at the tower will be market rate, a spokesperson for Melo told The Real Deal in February, though exact prices have not yet been released. The spokesperson said Melo can maintain lower rents because it paid a low price for the land earlier in the cycle.
County records show Melo paid a combined $7.85 million for the roughly 1.37-acre development site in 2014. According to the website, Melo hopes to break ground in July of this year.
Melody Tower, Melo’s other rental building in the neighborhood, is expected to start moving tenants into its 497 apartments next month. Rents at that building range from $1,600 to $2,300 monthly, with units sized between 750 square feet and 1,300 square feet. — Sean Stewart-Muniz
Source: The Real Deal