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

Developer asked to rezone area and expand streets

TRD MIAMI /
Feb.February 18, 2015 03:00 PM

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


Related Articles

arrow_forward_ios
Vladislav Doronin (Credit: Gesi Schilling via Wikipedia)

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M
Seth Wise, Co-CEO of The Altman Companies, Altís Ludlam Trail

Altman scores $55M construction loan for Ludlam Trail project

Altman scores $55M construction loan for Ludlam Trail project
Joseph Swedroe (Corcoran, iStock)

Corcoran agent in Miami loses job over “racist and fear-based” marketing

Corcoran agent in Miami loses job over “racist and fear-based” marketing
Vanessa Grout with Vladislav Doronin

Vanessa Grout leaves Ugo Colombo’s firm to lead OKO Group’s real estate arm

Vanessa Grout leaves Ugo Colombo’s firm to lead OKO Group’s real estate arm
Rendering of the project with Jon Paul Pérez (top) and Jorge Pérez 

Related switches gears on Terminal Island project, now plans low-rise offices

Related switches gears on Terminal Island project, now plans low-rise offices
Edgardo Defortuna and a rendering of La Playa de Varadero

Not stopping for the pandemic: Fortune, Château could launch Sunny Isles project by year-end

Not stopping for the pandemic: Fortune, Château could launch Sunny Isles project by year-end
Richard Branson (Credit: Virgin, Cindy Ord/Getty Images)

Virgin Trains seeks $350M to build five stations in Miami-Dade

Virgin Trains seeks $350M to build five stations in Miami-Dade
Easton Group picks up land in Hialeah Gardens for $8M

Easton Group picks up land in Hialeah Gardens for $8M

Easton Group picks up land in Hialeah Gardens for $8M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...