Canvas Secures Fannie Mae Approval
Just to the west of the Adrienne Arscht Center is Canvas, a 513 unit condo development that is being built as “affordable luxury” to attract the local buyers who are hungry to participate in Miami’s new condo boom. The site work has begun and over half of the residences are currently under contract.
In order to attract more of the 30-45 year old local buyers, they have also received their Fannie Mae Approval, making mortgages easier to obtain once the development is complete. What this means to buyers is that Fannie Mae is willing to purchase or securitize the mortgages people take out on individual apartments in the development. When a project is Fannie Mae Approved, banks are more willing to issue mortgages to buyers at lower rates and with lower down payments. This is excellent news for local buyers, who are typically priced out of the new condo market due to competition with foreign cash investors.
Because the approval process is so scrutinizing, the approval should be seen as a gold star for any development that obtains one. Of all the condo developments in the Greater Downtown Area (the general area between Brickell and the Design District, east of I95 and west of the Biscayne Bay), Canvas is one of only 6 developments with the approval. Fannie Mae has reviewed the specifications of the project and is pleased with the budget, insurance and legal documents associated with the building. Developments who have the approval are seen as “safer” investments as the buildings are well-run.
Locals have been especially excited about this development because of the quality of finishes/amenities offered, the anticipated restaurant by Kevin Aoki (son of Benihana founder Rocky Aoki and brother of recording artist Steve Aoki) as well as the addition of a new recording studio to the area.
Canvas is still offering new condos with price ranges from the mid $300’s-$600’s and floor plans from one bedrooms up to three bedrooms. The tower will be 37 stories and is expected to be completed in 2017. Groundbreaking is scheduled for next month.
See below for additional renderings just released from the developer:
Building Entry
Lobby
Lobby
Yoga Area
Pool Area at Dusk
Social Area/Bar
Rooftop Dining
Amenity Area
Fitness Center
Kids’ Playroom
Kitchen
Living Room
Bedroom with view
Master Bath
Site Work Underway; VĪb Miami to Break Ground This Month
It appears that phase one of Richard Meruelo’s mixed-use development, to be located at the intersection of NE 2nd Ave and NE 17th Street in Miami’s Arts + Entertainment District, is moving forward as planned. While out showing properties this past Friday at 1800 Club, I spotted from a distance trucks clearing off the land to his 7.3 acre site.
As reported earlier this year, phase one of Meruelo’s project is to include a 10-story, 200-room hotel called Vīb – a new boutique hotel brand by Best Western. Groundbreaking for the hotel is expected to take place this month with completion slated for November or December of next year.
Meruelo’s site is zoned for up to 3 million square feet. Future phases are expected to include residential units, restaurants, retail, and nightlife – all of which will be welcomed additions to the neighborhood.
Showroom-quality Industrial Loft at Parc Lofts – Asking $539,900
It is with great pleasure that I introduce my newest listing – unit 503 at Parc Lofts – a fully furnished, showroom-quality 1 bedroom, 1.5 bath bi-level loft with soaring, 20-foot ceilings and 1,109 interior square feet. No expense spared. Over $150,000 spent in upgrades, furniture, lighting, and renovations. Incredible attention to detail. Master and half baths both completely renovated. Master bath features a steam shower with rainfall shower head and side body jets. The entire residence has been elegantly designed and furnished. A true work of art!
Additional features include: a Samsung 4-door refrigerator, Fisher & Paykel DishDrawer dishwasher, Bosch front-loading washer, Bosch front-loading dryer/steam dryer, tankless water heater, and more. A hydraulic lift to park a second vehicle also comes included.
Asking $539,900 – a fabulous opportunity for the uncompromising buyer in search of the finest of industrial lofts in Miami. Unit 603, the exact same floor plan but without ANY upgrades, sold unfurnished last year for $420,000.
Parc Lofts – just minutes from Downtown Miami, Edgewater, Wynwood, and Midtown Miami – is located at 1749 NE Miami Ct in the neighborhood known as the Arts + Entertainment District and catty-corner from the preconstruction condo development called Canvas, which has been selling at an average of $475 per square foot.
For questions and/or requests to view the property, please contact me via email at [email protected] or by phone at 786-247-6332.
The Emergence of the Arts + Entertainment District
As if out of thin air, a new neighborhood has emerged in Miami – the Arts + Entertainment District – an area located north of Park West, south of Wynwood, and west of Edgewater. When I first heard of the newly coined neighborhood, my first thought was, “That’s silly; you can’t just create a neighborhood out of thin air.” But that’s exactly what NR Investments did, and their PR firm is doing a helluva job in making the name stick. It’s a gutsy play, but one that could pay big dividends for NR Investments if things go according to plan.
See, NR Investments has a sizable stake in the area. Not only do they own Filling Stations Lofts – the 81-unit rental development located at 1657 North Miami Avenue – they also own a one-acre parcel located between Northeast 14th and 15th Streets, with plans to one day develop a mixed-use project on that site.
Most notably, NR Investments is the developer behind the 37-story, preconstruction condo development called Canvas, located at 1630 Northeast 1st Avenue. In October 2013, they acquired Canvas’ 1.1-acre site at a bankruptcy auction for $7.2M. Last October – just one year later – NR Investments dubbed the area the Arts + Entertainment District, and kicked-off its launch with a community event featuring free food, coffee, and WiFi. But they didn’t stop there. Since then, weekly events have been held at Filling Station Lofts or their Canvas sales location. These events have included such offerings as live music, yoga classes, food and drinks, a social media workshop, and, most recently, a risque circus show featuring aerial acrobatics – all free to community participants.
NR Investments has taken the “if you build it, they will come” approach, with “it” being community and “they” being residents, who, in turn, it is presumed, would attract the interest of buyers both near and far. The Arts + Entertainment District even has its own website, and the awareness that is brought to the area via its social media channels is on point (again, hat tip to the PR firm). Their commitment to the neighborhood shines through in the content that is produced and published. To see what I mean, follow them on Twitter and Instragram.
But NR Investments is no longer the only major player with a vested interest in seeing this emerging neighborhood succeed. This past January, Rebuild Miami-Edgewater, LLC purchased, for $64M, the 7.35-acre lot located directly north of Canvas and east of Parc Lofts at the corner of Northeast 2nd Avenue and Northeast 17th Street. The site, which is to include hotel, retail, and residential components, is zoned for up to 3 million square feet. Just last week, it was announced that a boutique, 200-room hotel called Vīb will setup shop there, with groundbreaking to occur this November.
In and of itself, news of the 7.35-acre lot finally being developed is huge. In 2005, when closings for units at Parc Lofts began, I remember there being talk of development plans that were all but inevitable for that site. It was to be a big-box retail center called Bayview Market. But, alas, it never happened. The plan got scrapped, and the land sat empty for all these years.
Marketing ploy or not, it appears that NR Investments’ plan is working. With prices averaging $475 per square foot, 40 percent of Canvas’ 513 total units have already been reserved – and that’s saying something. What NR Investments has done with the neighborhood in such a short amount of time is, quite simply, incredible. Creating community is no easy task. In fact, it’s a huge undertaking, one that requires commitment, consistency, and patience. Thus far, they’ve done a spectacular job in bringing residents together and providing an identity to an area of Miami that had been lacking. Undoubtedly, this is an exciting time for this emerging neighborhood. In the coming year, it will be interesting to see the type of capital this area is able to attract from other developers and/or investment groups.
