Ocean Bank Provides $85M Construction Loan to Melo Group for Art Plaza Apartments in Downtown Miami

MIAMI, FL - Ocean Bank and Melo Group announced today the bank has provided an $85 million loan for the construction of Art Plaza Apartments, a residential complex comprising two 34-story towers with 667 multifamily units in the heart of Downtown Miami. The transit-oriented development is situated just west of the Adrienne Arsht Center for the Performing Arts and one block from the Miami-Dade Metromover School Board Station. Construction is underway and is expected to be completed in mid-2019.

“Melo Group has an exceptional track record of developing quality Class A multi-family residences in Miami,” said Ralph Gonzalez-Jacobo, executive vice president of Ocean Bank.  “We have a long-term relationship with Melo Group and are pleased to be involved in another of their high-rise projects.”

“We’ve been pleased with our long-standing relationship with Ocean Bank over the years and look forward to working with the bank again in our future development endeavors,” said Martin Melo, a principal with the Melo Group.

Art Plaza, located at 58 NE 14th St., will include 577 two-bedroom units and 90 one-bedroom apartments, along with 11,764 square feet of street-level retail and restaurant space. Building amenities will include a resort-style swimming pool and pool deck, Jacuzzi, fully-equipped fitness center, valet service, available covered garage parking, security controlled remote access and a social room for residents. Elena Otero from Holland & Knight LLP represented Ocean Bank. Florentino Gonzalez from Shutts & Bowen represented the Melo Group.

Next door, the Melo Group just recently completed the construction of the firm’s 710-unit Square Station apartment complex. The developing neighborhood also includes Melo’s 497-unit Melody Tower, located just east of Art Plaza and Square Station. Founded in Buenos Aires in 1948, Melo’s Miami developments include apartments, condominiums and mixed-use buildings in the Greater Downtown Miami area, including the Arts & Entertainment District, Edgewater, and Brickell neighborhoods.

About Ocean Bank: Ocean Bank is the largest independent, state-chartered commercial bank headquartered in Florida, with $3.8 billion in assets. Chartered in 1982, Ocean Bank operates its branch network throughout Miami-Dade and Broward counties. The community bank has received numerous awards and accolades from the Greater Miami Chamber of Commerce, The Beacon Council and the Florida Department of Education, among others, for its support of our South Florida communities.

About Melo Group: Founded in Argentina in 1948, the Melo Group is a family-owned and operated real estate development firm based in Miami, Florida, specializing in the construction, design and delivery of high-quality residential buildings. With nearly 5,000 residential units completed and in development throughout the Greater Downtown Miami area and more than 8,000 units developed across the Americas, the firm’s father-and-sons team – spearheaded by father Jose Luis Melo and sons Carlos and Martin Melo – collectively bring more than 50 years of real estate development expertise. Melo Group’s most recent residential towers in Miami include luxury condo towers Aria on the Bay, Bay House, and 23 Biscayne, as well as premium apartment towers, including Square Station, Melody Tower, 25 Mirage, Flagler on the River, and 22 Skyview.