Melo Group has obtained a $95 million construction loan from Ocean Bank for the construction of Aria on the Bay. The 647 unit condo development at 1770 N. Bayshore Drive in Miami’s Arts & Entertainment District will rise to 53 stories. One to three room units are planned, along with three-level upper penthouses, with prices starting at $400,000s and jumping to more than $12 million. The building will also have 20,000 square feet of commercial space in its lower floors, including office, retail and restaurant space at the ground level. With site development already underway, the project is slated for completion in 2017.
