MIAMI—Melo Group topped-off construction at Square Station, a new multifamily rental complex underway in Downtown Miami's Arts' Entertainment District. The transit-oriented development will include twin 34-story towers.
Square Station marks the first phase of Melo Group's larger three-phase multifamily development plan to boost transit-oriented residential options for locals in the Arts & Entertainment District area of Downtown Miami. Construction of the project is slated for completion in the first quarter of 2018, with apartments now open for preleasing. GlobeSt.com caught up with Martin Melo, principal of the Melo Group, to learn more about the project in this exclusive interview.
Miami.GlobeSt.com: For decades, Downtown Miami's Arts & Entertainment District has been overlooked as a residential neighborhood. What made you think there would be demand for rental apartments in the area?
Melo: The location couldn't be better. Not only is the Arts & Entertainment District surrounded by some of South Florida's top destinations for world-class arts and culture, but it also sits between two of Miami's largest employment hubs: Downtown's Brickell Financial District and the Health District. And with connectivity to Miami-Dade's Metromover system, we saw there was an opportunity to build transit-oriented housing in the area targeting local employees who wanted to use mass transit to get to work every day instead of commuting for hours to and from less expensive neighborhoods on the outskirts of the urban core. Last year, our firm's 497-unit Melody Tower opened across from the Adrienne Arsht Center for the Performing Arts at full occupancy—really underscoring the need for this kind of market-rate rental product in the area.
GlobeSt.com: Tell us more about Square Station.
Melo: Our latest project, Square Station, will offer 710 market-rate rental apartments, with 15,000 square feet of commercial space for ground floor retail and restaurant tenants. Layout options include one, two and three-bedroom floorplans ranging from about 900 to 1,500 square feet in size.
We'll also have some really nice amenities, such as an 80-foot lap pool, jacuzzi area and lounge deck, a fully-equipped fitness center, and a social room for residents to host gatherings and parties. The building will also offer 24-7 valet service, security-controlled remote access, and covered garage parking.
GlobeSt.com: When is Square Station opening and what will rental rates look like?
Melo: We're working on pre-leasing apartments right now in advance of the project's opening early next year in the first quarter of 2018. Rents will range from about $1,650 for one-bedrooms, $1,950 for two-bedrooms, and about $2,500 for three-bedroom units.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
