The Real Deal Miami

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

Developer asked to rezone area and expand streets
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