Developers Clinch Loan To Build 513-Unit Canvas Condo Tower

The developers of Canvas say they have obtained a $75 million construction loan to build the 37-story project from an unnamed lender.

They will now begin the process of converting reservations into contracts, developer Ron Gottesman told The Real Deal.

Sales began in October, and brokers have made progress in selling units since then. Of the 513 units that are planned, 200 have been reserved, or about 39 percent. Prices average $485 per square foot, with units sizes averaging just 875 square feet.

Americans make up the largest buying group, followed by Chinese. U.S. buyers make up 40 percent of reservations, Chinese 6 percent, and the remainder come from countries that include Colombia, Brazil, Argentina, Venezuela, France and Germany.

The project is aimed at a younger demographic, and will include a restaurant that reflects it. Kevin Aoki, the son of Benihana founder Rocky Aoki, has been tapped to run it.

This won’t be the last project for Gottesman and partner Nir Shoshani in the area. They have announced that they will be building a mixed-use project on a one-acre site that they own at 31 NE 14th Street, with hotel, residential and office space. That is on the same block where Melo Group and the Estefans also have projects in the planning stage.

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mjs
6 years ago

Who is the lender?

I find it unlikely a lender will sign on a $75 mil. loan without the developer having actual contracts.

Anonymous
6 years ago

This project will most likely never be built.

Anonymous
6 years ago

Make believe….I think inspector Zalewski should tell us more…
how did they get a loan with no contracts sounds wacky….just as wacky as the location.

Obviously
6 years ago

This building will be near a Metromover station, DD, PAC, AAA, and Downtown.

What’s “wacky” about that?

Anonymous
6 years ago

its in the middle of nowhere…go and walk at night in that area…hopefully you come back with your clothes still on..

I guess they are lying about the construction loan if they only have reservations….amazing spinnnnnnnnn

Obviously
6 years ago

If everyone thought like you, there would’nt be a “Miami.” Flagler was laughed at too when he annouced his plans to develope something on the outskirts of a swamp.

There is a vision for that area where Canvas is proposed, and because you can’t envision anything happening there, it’s your problem that you’re short on foresight and have nothing to spout but doubt.

scott
6 years ago

i call bullshit

itslikethat
6 years ago

By “construction loan” do they mean buyer deposits?

Of all projects this should be the last..,wacky PR spins – who is the PR agency!?! They need a medal or an investigation…not sure.

GyroMeat
6 years ago

Was this approved before Miami 21? No way they allow the garage to be that open.

smokey
6 years ago

$485 for that? Next door to a crack den and a very uninteresting building. a suburb in the sky. I can’t believe anyone would buy there

Kevin
6 years ago

Why are you guys all jumping to conclusion just because you dont like the location.