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