Canvas Developers Will Pay For Water And Sewer In Installments

The developers of the 513-unit Canvas condo tower have reached an unusual payment agreement with Dade’s water and sewer department for utilities.

Under the terms of the agreement, payments for the utility connection will be spread out over the coming year. Most developers opt to pay the connection fee in a single lump sum.

A 20% down payment of $185,000 was due in May. The remaining payments total about $65,000 each month for a year, and include an interest charge of 4.75%. Terry Wellons, who is listed as the manager of the entity owning the land, signed the agreement.

No construction activity is visible at the site, although the developers claimed in April that they had obtained a $75 million construction loan. That financing deal, if it exists, hasn’t been recorded yet. In February, the developer said that they had made a $4.85 million impact fee payment and were aiming to break ground in July.

Last week, Miami’s CRA approved a deal to sell a parcel at 1441 N Miami Ave to another company managed by Wellons. If finalized, the 8,000 square foot parcel would be sold for $1.58 million. An entity managed by Wellons owns the surrounding land, which is a few blocks away from the Canvas site.

The entity that is developing Canvas already has been approved for a $9 million subsidy from the CRA. Both deals with the CRA have been linked to Nir Shoshani, who is a contributor to a Teresa Sarnoff-backed foundation, according to Crespogram.

 

(no activity at the canvas site)

land proposed for sale by cra. red is owned by the wllons managed company, blue is proposed to be sold (image/crespogram)