Miami-based Melo Group has started construction of Square Station, a new multifamily rental complex in Miami’s downtown Arts & Entertainment district, after landing a $103 million loan from BB&T Bank. The luxury residential scheme will include two 34-story towers with 710 rental apartments. The transit-oriented development at 1424 NE Miami Place will include approximately 15,000 sqf of commercial space for ground floor restaurants and retail. Upon completion in 2018, Square Station will mark the 11th apartment building Melo Group has constructed in the greater downtown Miami area and increase its multifamily portfolio to 2,883 rental units delivered since 2003.
“We’re building for young, urban professionals who aren’t quite ready to invest in their first home but still want to be close to the action in downtown,” said Carlos Melo, a principal with the Melo Group. “Our concept has always been to build for the local market, which is a sustainable model during up and down cycles. Square Station is part of a bigger end-goal to spark neighborhood revitalization in the Arts & Entertainment district.”
