Canvas Developer Pays $4.85M Impact Fee, Aiming To Break Ground In July

Developer NR Investments made a $4.85 million impact fee payment for the 513-unit Canvas Tower. They hope to break ground on the project in July.

Last June, the developers were granted a CRA subsidy that could be worth up to $9 million. Weeks later, sales began, at prices ranging from the low $200,000 range to above $400,000.

The 36-story tower is planned to rise 414-feet above ground.

Nearby, Richard Meruelo paid $34 million for the Bayview Market site last month.

 

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XVS
6 years ago

It’s about time. Huge catalyst for that area.

Obviously
6 years ago

Until the city politicians relax on this height restriction for that area, it’s going to be a slow march in the transformation from empty weed strewn lots, to energetic exciting vibrant and thriving blocks from MWC all the way up to northwest 36th st.

anonymous
6 years ago

Not obviously..

Height does not make an area vibrant. I’d argue that excessive height can make an area the opposite of vibrant – cold, dark and not inviting.

Obviously
6 years ago

I agree that height doesn’t necessarily make an area vibrant, but Miami also doesn’t like short “squatty” buildings either like one would see in Paris. For that area where Canvas is going I think a fourtyfive story tall cap would be sufficient, and take note, not everything proposed will ask to go to fourtyfive stories. The price of land in that area is skyrocketing and developers are looking to build bigger and taller to recoup costs. Developers know everything built can’t be luxury, but in order to give Miami buyers a chance, the developers are going to need a break also. Height easements gives developers more options for small lots which gives buyers in Miami more choices, and it’s the actual citizens of Miami who will make the area vibrant, exciting, energetic, and thriving when it’s filled with thousands of them.

marc
6 years ago

I’d like to see what the rest of this thing looks like.

Anonymous
6 years ago

Doubt this job will ever happen…dont think buyers will go to that area. What will be the logic to buy in that location?

Obviously
6 years ago

The same thing was said about Brickell west.

mechanesthesia
6 years ago

I looked over their website and I admire their restraint. No sign of the word “luxury” anywhere. Will this mean that a normal human being making a decent income can potentially afford to live here?

mechanesthesia
6 years ago

Pretty ugly though, but better than nothing.

Yet Another Anonymous
6 years ago

It reminds me of the Doubletree. Massive, basic, affordable, but not quite soviet.