Melody on Main. Photo by Todd French, courtesy of The Opus Group
By Radu Corfus | Multi-Housing News
A joint venture between The Opus Group and Griffin Capital Co. has opened the first phase of Melody on Main, a 335-unit luxury multifamily development in Mesa, Ariz. Specifically, two of the five buildings comprising the project have come online; the community will reach full completion by March 2024.
The Opus Group broke ground on the development, formerly known as Mesa Arts District Lofts, in December 2021. The project had become subject to a $53 million construction loan from UMB Bank that June, according to Yardi Matrix data. MT Builders serves as general contractor and P.B. Bell is providing management services.
Melody on Main is coming online through Griffin Capital’s Qualified Opportunity Zone Fund II, which comprises 4,096 units across 12 properties, at a total development cost of $1.3 billion. Last year, the company joined forces with Legacy Partners to build a 363-unit community in Aurora, Colo., through the firm’s Fund I. Together, the two vehicles operated investments in 17 cities for a combined $2.3 billion.
