Melo Group's 22 Skyview Rental Building in Edgewater Already 80% Leased Just Weeks After Completion

MIAMI - Oct. 18, 2013 - PRLog -- When only few developers were building market-rate rental buildings, Melo Group was laying down the foundation for the construction of 22 Skyview in Miami’s East Edgewater neighborhood. The 32-story contemporary rental project, located at 425 NE 22^nd Street, has become one of the first new Class A apartment buildings to be completed in the greater downtown Miami area in decades. Now that Miami’s housing market is hot and the demand for rental units in the urban core is swelling, Melo has already rented out 80 percent of the building’s 280 units, many of which have unobstructed views of Biscayne Bay.

22 Skyview is located in the heart of East Edgewater, a residential area just north of downtown Miami, and caters to the area’s young professionals who are looking for reasonably-priced rental apartments closer to their jobs. Its location is a short ride away from Miami’s major employment hubs, including the Brickell Financial District, the Commercial Business District and the Health District.

Other developers would like to tap into the rental market in the bustling neighborhood, but rising land values are pricing rental projects out of the of the East Edgewater market.

“The development of 22 Skyview wasn’t about timing the market,” said Carlos Melo, a principal of Melo Group. “It was about filling a void in the market at the right time. We always knew this area was underserved when it comes to Class A apartments. People working in Brickell, downtown Miami, and even in the Health district, want to rent close to where they work. Yet, until now, that was very challenging due to the lack of affordable, quality inventory.”

The demand for quality apartments, especially for professionals working nearby, has generated leases at a speed rarely seen before in a rental building. Rental rates for 22 Skyview’s one-, two- and three-bedroom units range from approximately $1,500 to $2,800 a month.

Another one of 22 Skyview’s advantage is its proximity to trendy shopping, dining and entertainment destinations, including the Design District, South Beach, The Shops at Midtown and the Wynwood Arts District. For culture lovers, 22 Skyview is less than a mile away from Miami’s premier performing arts center the Adrienne Arsht Center for the Performing Arts, the American Airlines Arena, and the new Museum Park which will be home to the Miami Art Museum and Miami Science Museum.

Building amenities at 22 Skyview include a covered parking garage, sky pool deck, fully-equipped fitness center, social room, steam room and sauna. Unit features include granite countertops, laminated wood floors, porcelain-tiled bathrooms, and full-size washer and dryer machines. The tower is also home to 14,500 square feet of office space, especially beneficial to tenants who want to have their office close to home.

22 Skyview is one of several residential projects Melo is building or has completed in the up-and-coming East Edgewater neighborhood, now at the center of Miami’s newest wave of real estate development.  Bay House, a 165-unit luxury condominium project located at 600 NE 27^th Street, will be the firm’s 10^th project in the neighborhood since 2003.

Melo is considered a pioneer in the redevelopment and repositioning of East Edgewater. The family-owned company began buying waterfront land there nearly a decade ago, when land traded at significant lower values than today. Being able to amass entire city blocks, the developer has the ability to build closed to 2,500 more residential units in the future.

The Melo family never stopped building during the economic slowdown. In 2011, the firm completed 23 Biscayne Bay, a 96-unit condo built in East Edgewater that sold out in a 10-month period. That project was Miami’s first condominium building to be completed post-recession without any conventional financing.

For more information about 22 Skyview, including rental opportunities, please call (305) 571-0000 or visit the 22 Skyview rental office at 425 NE 22^nd Street in East Edgewater. Learn more at www.22Skyview.com.