The Real Deal Miami

Canvas developer pays Miami-Dade $4.8M, commits to project

Developer asked to rezone area and expand streets

February 18, 2015 03:00PM

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Canvas Miami

Renderings of Canvas Miami

NR Investments, developer of the upcoming Canvas condo tower in the Omni district, has committed to the project by writing Miami-Dade County a multi-million dollar check.

The developer reportedly paid the county a $4.8 million impact fee for the expected costs of giving public services to the new building.

With the up-front impact fee paid and pre-sales already underway, Canvas is moving steadily toward its expected completion in 2017, the South Florida Business Journal reported.

The 37-story tower will sit on a 1.1-acre lot at 1630 Northeast First Avenue. It will house 513 units ranging in size from 600 square feet to 1,150 square feet. Prices average $475 per square foot.

Canvas will also have 10,000 square feet of retail space on the ground floor and a rooftop restaurant.

NR Investments has asked the city to rezone the surrounding area to a higher density and expand many of the one-way streets, according to the article.

The developer purchased the property during an October 2013 bankruptcy auction. The site was originally planned to be a mixed-use building dubbed Max Miami, but the then-developer filed for bankruptcy during the market’s decline in 2007. [South Florida Business Journal]Sean Stewart-Muniz

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