MIAMI—Melo Group just launched sales for Aria on the Bay, a new 647-unit "ultra-luxury" condominium set to rise at 1770 North Bayshore Drive in Downtown Miami's Arts & Entertainment District. Designed by Arquitectonica, the 53-story tower should break ground in early 2015 and wrap up in 2017.
Aria on the Bay will offer one-, two- and three-bedroom condos and exclusive two-story penthouses. Prices range from the $300,000s to over $4 million.
Will the demand be there? It will if you believe the Miami Downtown Development Authority's (DDA) latest residential real estate study. The DDA study reports that while the Greater Downtown Miami market is experiencing a resurgence and is reaching mid-cycle, the Arts & Entertainment District is one of the areas with the most potential for long-term growth.
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