The Real Deal Miami

PHOTOS: On the scene as Canvas breaks ground

Total sell-out is $221M according to documents filed with the state of New York

February 29, 2016 10:30AM

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Canvas, a condominium tower planned for Miami’s Arts & Entertainment District, broke ground last week after closing on a $70 million construction loan from Bank of the Ozarks.

NR Investments, developers of the 513-unit, 37-story project, is nearly 60 percent sold. Sales began in October 2014, and the project is now registered in New York. According to documents filed in New York, the total listed sell-out is $221 million. 

Prices range from $300,000 to $550,000. Units will range from 620 square feet to 1,150 square feet, and average $483 per square foot. Canvas has also received Fannie Mae approval, which allows qualified domestic buyers to put down as little as 5 percent. Fortune International Realty is the exclusive sales and marketing firm for the tower, which was designed by CFE Architects. 

Amenities will include sunrise and sunset pools, a fitness center, glass-enclosed racquetball court, spa and sauna treatment rooms, business center, and children’s playroom and lab. – Katherine Kallergis and Sean Stewart-Muniz

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