A First Look at Aria on the Bay in Miami’s Edgewater Neighborhood
Last week, the Miami Condo Investments Team was invited to tour Edgewater Miami‘s recently completed, 53-story condo tower Aria on the Bay. You may recall mention of Aria on the Bay from past articles of ours covering preconstruction purchases made by MLB star Giancarlo Stanton, who selected a 5-bedroom penthouse unit with rooftop pool and summer kitchen, and recording artist/music producer Timbaland, who purchased two East-facing 3-bedroom units for a combined indoor and outdoor total area of 6,000 square feet. Aria on the Bay was developed by The Melo Group and designed by Arquitectonica. Closings for the project began just a few weeks ago.
Aria on the Bay is located at 488 NE 18th Street. The location is no doubt one of the building’s most notable features, situated across the street from the 8-acre Margaret Pace Park, which provides public access to greenery, walking trails, a gated dog park, tennis courts, and outdoor fitness equipment. Such a wide-open grassy expanse is a rarity in greater downtown Miami, and most certainly is a highlight for dog owners and families. It also makes for nice Eastern views even on the lower floors of Aria, overlooking the park and then onward to Biscayne Bay.
I’m a girl who loves to make a dramatic entrance, so the Aria grand lobby and entryway staircase were some of my favorite design features in the building. Ascending the staircase, I was greeted by a beautiful chandelier, reminiscent of twinkling string lights attached to a nest of delicate tree branches. Upon joining the rest of the MCI Team, the upper-lobby 24-hour concierge pointed us in the direction of the elevators, which whisked us away to several floors of amenities. Nature was very clearly the central theme connecting all the common areas of the building, as we noticed an earthiness in both textures and hues, a grassy moss-like carpeting, and even chairs resembling open flower blossoms. The delicate tree-branch light fixtures were repeated in the great room and social areas, which were surprisingly spacious and bright. We walked the pool deck, which featured sunrise and sunset pools, a Jacuzzi, and sundeck, all with spectacular views of the marina and Venetian Causeway to the right, open bay to the left, and Miami Beach skyline in the distance.
Along with its expansive sun deck and lounge area, Aria on the Bay amenities include an enormous great room with social areas, pool table, and flatscreens, children’s pool, hot tub overlooking Biscayne Bay, state-of-the-art gym and yoga studio, outdoor fire pit, BBQ, private spa and treatment rooms, game room and library, theatre room, teen lounge, kids’ playroom, and business center.
The 648 residences at Aria on the Bay are comprised of one-, two, and three bedroom floor plans ranging in size from 777 to over 2,364 square feet of living space plus balcony. Approximately half of the units in the building feature private elevator access, and all units feature 9-foot ceilings, water and city views, Italkraft kitchens and bathrooms, and Bosch appliances. We were amazed to see that some units have 11-foot deep balconies!
As for remaining inventory, the building is 90 percent sold, leaving 50 developer units still available. One-bedroom condo pricing starts at $437,900. Two-bedroom condos start at $590,900 (including a penthouse for $891,900), and three-bedroom condos start at $689,900. My personal favorite floor plan was the Model A 3-bedroom + den / 4 bath unit on the southeast corner, featuring private elevator entrance, 2,365 square feet of interior, and 516-610 square feet of balcony, of which there are only 3 options remaining: Unit 1512 asking $1,591,900, Unit 2312 asking $1,631,900, and Unit 3012 asking $1,667,900. All units come finished with 32-inch porcelain tile floors. Along with offering surprisingly affordable prices for brand new construction in greater downtown Miami, Aria on the Bay is also a Fannie Mae approved building, meaning that well-qualified buyers can obtain financing with as little as 5% down up to $453,000.
For more information on available units at Aria on the Bay for sale or for rent, contact [email protected] or 305-428-3860.
Aria on the Bay Closings Set to Begin Next Week
After three years of construction, closings are set to begin next week for units at Aria on the Bay. The 53-story development received its Temporary Certificate of Occupancy last week. According to in-house sales reps, ten percent of the units at Aria on the Bay remain unsold, with prices for one- to three-bedroom residences ranging from $422,900 to $1,682,900. All units feature porcelain tiled flooring throughout, Italkraft kitchen cabinets, Bosch stainless steel appliances, and 9-foot high ceilings with floor-to-ceiling glass windows.
Aria on the Bay is located in Edgewater Miami at 1770 North Bayshore Drive. It was developed by Melo Group, designed by Arquitectonica, and will include 648 residential units.
Grammy Award-winning Artist Timbaland Snags “Mansion in the Sky” at Aria on the Bay
Timbaland – the Grammy Award-winning artist – is in contract to purchase a “Mansion in the Sky” at Aria on the Bay – at least according to the Instagram account of John Parsiani, the Senior Sales Executive for the development:
The caption of yesterday’s post reads: I’m delighted to welcome 4 time Grammy Award Winner & Legendary @timbaland to his new #MansionInTheSky at #AriaOnTheBay.
The #MansionInTheSky hashtag is typically reserved for penthouse condos or condos with very large floor plans. Besides PH1 and PH2 at Aria on the Bay, which each have roughly 7,800 total square feet, the next largest floor plan in the building has just under 3,000 total square feet – not exactly a “Mansion in the Sky” if you ask me. Therefore, one could assume that one of two things has taken place: (1) Timbaland has under contract the last remaining penthouse at Aria on the Bay – PH2, or (b) Timbaland took over the contract for Giancarlo Stanton’s penthouse – PH1.
As you may recall, last year, it was reported that former Marlins slugger Giancarlo Stanton was in contract to purchase PH1 at Aria on the Bay. The contract price has not yet been disclosed, but, at the time that Stanton put that property under contract, PH2, a three-story penthouse of the exact same size but located on the northeast corner of the building, was available for $6M. It was the last remaining penthouse at Aria on the Bay. My guess is that Timbaland snagged PH2. Stanton may have been traded to the Yanks but, at $325M, he’s also the holder of the largest sports contract to date. And that’s before taking into consideration the money he makes from endorsements. $6M is a drop in the bucket to him!
According to public records, Timbaland, whose real name is Timothy Mosley, currently resides in a luxury home in Pinecrest. He previously owned a condo at Murano Grande, which he sold in 2013 for $4.8M. I guess he’s missing that condo life! I don’t blame him!
Aria on the Bay Lowers Deposit Requirement After Sales Benchmark
To celebrate a new sales benchmark, Melo Group has once again reduced the required deposit amount at Edgewater’s Aria on the Bay. The project, which topped off in April, has now sold over 85% of their condos. New buyers are now required to put down only 20% of the final purchase price.
We were treated to a hard-hat tour back in June and were very impressed to see that nearly all of the buildings units have at least a partial bay view, but most have expansive views from spacious scalloped terraces. Melo Group and Arquitectonica really did an amazing job on the building’s design. It offers maximized views for the residents and also a beautiful design for passers by.
During the tour, we were also lucky to be able to tour the penthouse that Miami Marlins superstar Giancarlo Stanton had recently purchased. We were not allowed to know which penthouse was his, but since we went through all of them, it is a pretty good bet that we saw it. I have my own theory of which one he chose…
Back to the remaining sales opportunities, the remaining apartments range in price from the mid $400,000’s up to $1.9 million. There are options remaining from the lines with semi-private elevators as well as private elevators. Closings are expected to begin early next year.
Below, you can see some new renderings that show how the apartments will look once they are furnished, and you can click here to see our review of the project after the construction tour. We were able to see real views from several different levels of the building, along with the actual finishes. If you would like an in-person presentation, just reach out. We are happy to show off this project.
Giancarlo Stanton Tours His Nearly Completed Miami Penthouse
photo: _nicolasbarbara/instagram
Calling Giancarlo Stanton the legitimate home run king may be premature, but there’s no reason for him not to plan ahead; after all, they say every king must have his castle. In May, it was reported that Stanton contracted to purchase a 7,800 square foot, tri-level penthouse at Aria on the Bay – a 53-story, luxury condo development located in Miami’s Edgewater neighborhood. Earlier today, Stanton toured the building, stopping briefly for a photo with Aria on the Bay’s sales and development team. The photo was taken on the rooftop of his nearly completely penthouse, which will come equipped with an outdoor pool and summer kitchen.
Aria on the Bay is slated to be delivered early next year. Scroll down for a digital rendering of Stanton’s outdoor terrace.
Today we were invited to take a construction tour of Aria on the Bay in the Omni District of Edgewater. I had been curious to see how the building would turn out ever since the day I first saw the renderings, and I was very impressed!
In touring with the developers, Martin and Carlos Melo, their passion and pride in their craft was evident. They seemed to genuinely enjoy giving the tour and were excited to go through the project with us, often pausing to tell the stories behind previous buildings they have built. Aria on the Bay is the first luxury condominium they have built in Miami, but they have built almost 20 buildings in total, typically rental developments that they hold and run. They explained that they build for what the market calls for, whether it be an affordable yet well-appointed apartment building attached to a metromover stop, or a glitzy waterfront development with private elevators, which is what we saw today. Here’s a preview of the residences, which will begin closings early in 2018:
The East view from the 51st floor
The East view from the 51st floor
The Northeast view from the 51st floor
The North view from the 51st floor
The South view from the 51st floor
The views checked out beautifully, and I was also impressed to see that even the residences on the West side of the building (facing Biscayne Boulevard, rather than the Biscayne Bay) also had partial bay views. Bravo!
The interiors of the units were still very much under construction, but some already had the kitchens and bathrooms installed enough to where we could see the quality of the finishes.
This is the vanity in one of the master bathrooms. You can see the cabinets are a textured wooden design from Italkraft and the vanity top is quartz. In the background, you can see the standalone tub. It was still covered to protect the fixture, so I didn’t take a direct photo of it. In the photo below, you can see the rendering of a similar master bathroom.
Here is the soaking tub in one of the guest bedrooms. It hasn’t been shined up yet, but you can see that it is nicer than the soaking tubs in the master bedrooms of some of the competing developments.
This is another guest bath in the same apartment.
Sadly, none of my kitchen photos came out very well, but the finishes are similar to the bathrooms with the same textured wooden paneling from Italkraft on the cabinets and the appliances. Here is the sample kitchen, which has been built out in the sales center.
The amenity deck was also very much still under construction, but I had to make note of how similar the pool deck came out when you compare it to the rendering. They elevated the jacuzzi so that when people sit in it, they can see over the glass and into the bay.
Another aspect of Aria that I was impressed with was their range of floor plans. Buyers have the option to pay a little more and live in the more exclusive East side of the building, that has private elevators and direct bay views. They also have the option to pay a little less and live on the West side of the building with semi-private elevators and partial bay views. Apartments with private elevators have two private elevator bays as well as a shared service elevator. Those with semi-private elevators have four elevator bays for eight apartments on each floor, so residents should feel comfortable that there are plenty of bays to eliminate wait times.
The project is currently 80% sold out and has a nice selection of availability in both sections of the building. For apartments with semi-private elevators, units are available from $433,000 – $597,000 and for apartments with private elevators and direct bay views, prices range from $794,000 – $1,769,900. Penthouses are priced upon request. Buyers of the penthouses will be able to say that the Miami Marlins’ outfielder, Giancarlo Stanton, who just signed the richest contract in MLB history ($325 million over 13 years) is their next door neighbor.
The sales of the growing tower have remained strong as well, despite the market slowdown. In October the project was reported to be 70% sold, and the developer lowered the minimum deposit requirements from 50% to 35% on select units. When the project reached 74% in January of this year, they expanded the incentive, lowering the deposit requirements for all units. This is a pretty common strategy for developers who are at advanced stages of construction and have sold nearly all of their inventory. At 78% sold today, that leaves 142 purchase opportunities as of now. Since it appears that the project is selling 4% of their units every 3 months, it looks like they are selling just under 10 units per month. While that is not an amazing figure by Miami standards, it is certainly a nice figure considering that so many buildings have inventory today. At this rate, we should expect to hear a “sold out” announcement before the building opens later this year. Very nice, Aria!
Prices of the remaining inventory range from $400,000 to $1.8 million.
Aria on the Bay Lowers Deposit Requirement To 35% On All Units
Edgewater’s Aria on the Bay is slashing their minimum required down payment to 35%. Prior to the change, buyers were required to deposit at least 50% of their purchase price before closing.
The construction is currently on the 41st floor and will top off this summer at 53 floors. The 35% deposit schedule is: 20% of the purchase price is due within 2 weeks of the contract being signed and the remaining 15% is due at top-off. The final balance is due at closing in late 2017 or early 2018 although it is common for mortgages to be introduced for the final amount.
Aria on the Bay is Melo Group’s first luxury waterfront tower and is already a big success. They have sold 74% of the 647 units with an average price of $540/square foot. Remaining opportunities range from a $420,000 1 bedroom with 880 square feet and a south view up to the $1.6 million 3 bedroom residence with a den, 4 full bathrooms, private elevator and a 600 square foot terrace with north views.
Aria on the Bay Construction Update
Construction at Aria on the Bay is steaming along. They have reached the 32nd level and are completing 1 floor per week. At this rate, we should see top-off in early January and completion by the end of 2017.
As of now, 72% of the 648 residences are under contract and the developer is offering a 35% deposit structure for new buyers of select apartments. There is still a nice selection of layouts available with prices ranging from $400/square foot for apartments in the podium up to $700/square foot apartments with direct bay views.
Aria On The Bay Reduces Required Deposit Amount To 35% On Select Plans
Now that they are over 70% sold, Aria on the Bay has lowered their required minimum deposit amount to 35% of the purchase price on their A line plans. These are the large 2,365 square foot plans with 3 bedrooms, 4 bathrooms, a den and a direct bay view. Prices start at $1,419,900.
Aria on the Bay is Melo Group’s first luxury tower. Construction has surpassed the 20th floor and will reach up to 53 floors before completion. It will have over 21,000 square feet of bayfront recreational facilities. Completion is anticipated for the fall of 2017.
