Miami Condo Market and Lifestyle Updates
Changes to Canvas Project Approved by Miami Board

Changes to Canvas Project Approved by Miami Board

by Sep Niakan | July 22, 2014

NR Investments has received approval from the City of Miami board to construct a 37-floor residential tower in the Omni area.

The Miami Planning and Zoning Board agreed to approve the design changes for NR's 403-foot condo tower. Canvas is the project, located at 1630 Northeast First Avenue, which will contain over 500 residences ranging from 620 to 1,120 square-feet.

Canvas will also hold almost 10,000 square feet of retail space and up to 600 parking spaces.

Nir Shoshani, a principal of NR Investments, says that the residences will range between $370,000 and $470,000.

Ties to NR Investments received a $3.65 million mortgage in December 2013 from City National Bank of Florida for the project.

However, in order for NR Investments to obtain the funding, they must pay a minimum of $100 million building Canvas, plus an additional $2 million improving the street and sidewalk nearby, while also hiring 30% of construction workers from Miami.

Additionally, the developer must start building Canvas by June 2015 and have a significant amount finished by January 2017.

 

Source: therealdeal.com

Photo credit: Canvas therealdeal.comexmiami.org

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