Canvas Condos – A First Look with Pricing, Photos, and Floor Plans

Last week, I had the pleasure of touring the soon-to-be-opened Canvas Condos located in the Arts + Entertainment District at 1600 Northeast 1st Avenue. Closings for units at Canvas are expected to begin on January 7th. As you will see from the photos below, I was given a full tour of the building, including its amenities and common area spaces, rooftop restaurant space, and four of Canvas’s five floor plans (a 2 bedroom unit, a 1 bedroom unit, a 1 bedroom plus den unit, and studio). Overall, I was pleasantly surprised by what I saw. In my opinion, the building turned out much better than expected, especially when compared to the preconstruction renderings and video.

Canvas – The Building

Canvas was developed by NR Investments and designed by CFE Architects with interior spaces designed by Urban Robot Associates. The 38-story tower includes 513 condo residences comprised of studios, one-bedroom, one-bedroom-plus-den, and two-bedroom floor plans. Because Canvas is surrounded by low-rising buildings and vacant lots, the views from it are surprisingly good, especially from high floors. To the east, residents will enjoy direct views of the water.  On a clear day, one can see the air traffic control tower at the Miami International Airport to the west and Hard Rock Stadium in Miami Gardens to the north.

Canvas – The Artwork & Common Areas

As one may guess from the condo development’s name, Canvas is an art-centric building. It has on display 225 original pieces of commissioned artwork from 22 different artists. The hallways are filled with 150-foot long wall murals. The one shown six and seven photos down below was completed by local Miami artist Didi Contreras (also known as Didirok).

By the way, it’s worth mentioning, the carpet in the hallways will be replaced after the final residents have moved into the building.

Canvas – The Amenities

I think a lot of people are going to be very pleased with the quality of amenities at Canvas. The building has a total of three pools (a rooftop plunge pool, a south-facing pool with shaded overhang, and a north-facing pool without shaded overhang). The north-facing pool deck has a hot tub. From the rooftop pool deck, the views of Downtown Miami are killer!

Canvas also includes a racquetball court, a state-of-the-art fitness center equipped with two Treadwall rock climbing walls, a yoga room, sauna, spa treatment room, screening room, lounge and entertainment area, business center, social room, and children’s playroom. The only amenity that was not finished at the time of my tour and, therefore, not pictured below was the children’s playroom.

Canvas – Floor Plans & Pricing for Remaining Units

Canvas has 19 units per floor comprised of five different floor plans. During my tour last week, I was able to visit four of the five; they are pictured below. Of Canvas’s 513 total units, the developer has 50 units that remain unsold.

The monthly maintenance dues for units at Canvas are 65 cents per square foot. The dues include high-speed Internet, cable TV, water, hot water, and valet parking. The units at Canvas include 2 parking spaces comprised of 1 parking space plus one valet-only space. It’s worth mentioning that the parking at Canvas is unassigned. The residences feature tiled flooring throughout, kitchens with stainless appliances, quartz countertops, backsplash, and modern cabinets; tiled flooring throughout; and 9-foot high ceilings with floor-to-ceiling glass windows.

2 Bedroom, 2 Bathroom corner unit (the B2 floor plan)

The B2 floor plan, located on each of the four corners of the building, is a 2 bedroom, 2 bathroom residence with 1,110 interior square feet, a 95-square-foot balcony, tons of natural light, and a window in the master bathroom. It’s also the only floor plan to have a foyer, which means that you don’t walk immediately into your kitchen upon entering. Pricing for remaining developer units of this floor plan type starts at $548,000.

1 Bedroom + Den, 1.5 Bathroom unfurnished unit (the A2 floor plan)

Below, I’ve included photos for two separate 1 Bedroom + Den units.  The first one shown is unfurnished while the second one is furnished. They both face west but this particular floor plan option has two units per floor that face east. It has 910 interior square feet plus a 150-square-foot balcony. Pricing for the A2 floor plan starts at $440,000.

1 Bedroom + Den, 1.5 Bathroom furnished unit (the A2 floor plan)

Below is the furnished 1 Bedroom + Den unit. It’s the exact same floor plan like the one shown above.

1 Bedroom, 1 Bathroom (the A1 floor plan)

The A1 floor plan is a 1 Bedroom, 1 Bathroom condo with 800 interior square feet plus 135-square-foot balcony. Per floor, there are three instances of this floor plan and they all face north. Pricing for this floor plan starts at $426,000.

Studio, 1 Bathroom (the S floor plan)

The studio floor plan will definitely be a very popular option for people looking to get into the building on a budget. Not only does it have amazing views because it faces east towards the water, but it is also very spacious with 620 interior square feet, which is the size of a small 1 bedroom unit in some buildings. Pricing for the studio condos starts at $396,000.

Canvas – The Rooftop Restaurant

Last but not least, I was able to get a quick tour of the rooftop restaurant space at Canvas. Rumor has it that a top restaurant from South Beach is very close to inking a deal for it. Whatever opens there, there’s no doubt in my mind that it will be one of the hottest restaurants in Miami…just check out the views!!!

New Renderings Released for Canvas Miami

With completion just months away, new renderings were released earlier this week for Canvas Miami, the 37-story condo tower developed by NR Investments and located in the emerging Arts + Entertainment District of Miami at 1630 Northeast 1st Avenue. I must say, these newest renderings look much more exciting than their earlier ones. Besides showcasing their amenities, these renderings seem to emphasize the streetscape and pedestrian-friendly roads immediately surrounding Canvas, something which will be a welcome addition to that neighborhood.

On the 9th floor, Canvas will include 30,000 square feet of amenities:

• Sunrise Pool
• Sunset Pool
• 3,000-square-foot Fitness Center
• Zen spa/sauna and treatment rooms
• Indoor/Outdoor Yoga Garden
• Racquetball Court
• Social Room
• Children’s Playroom

The rooftop level will include the following additional amenities:

• Rooftop Lounge
• Sky Plunge Pool
• Signature Dining
• Business Center
• Theater

Canvas Miami is scheduled to be completed in summer of this year. The developer still has inventory remaining with prices starting in the mid-$300Ks.

The Full List Of Downtown Miami Area Condos With Fannie Mae Approval

Let’s talk about financing. Many people already know that financing in condos is far more difficult than single-family homes and very few buildings in Miami have achieved that coveted “Fannie Mae Approval”, but which ones did make the cut? Here’s our updated list with expiration dates of the approvals.

SLS Brickell (expires June 2018)
SLS Brickell almost didn’t get to be on this list. According to the executives at Related Group, the inspectors from Fannie Mae were under the impression that it was a condo-hotel... something that would disqualify the property from Fannie Mae Approval. After a site inspection, they could see that it is not a condo hotel. SLS Brickell is a hotel with a tower of residences on the top. They look the same, but work very much differently. Approved!

1010 Brickell (expires February 2018)
This is the first of two buildings who have their approval but are not yet completed. Although it is unarguably behind schedule, I’m really looking forward to see 1010 Brickell open. It is the first building I have seen in Brickell that has such a wide range of amenities for kids of all ages.

1010 Brickell is currently sold-out, but the Fannie Mae approval will help with people who are interested in resales.

Brickell Heights East & West (expires December 2017)
We have covered the Brickell Heights opening extensively and are so pleased with how it turned out. Three members of the Miami Condo Investments team have already signed up for Equinox and are loving the classes!

This is going to be the building for people who want to be in the middle of everything. It is right between Brickell City Centre and Mary Brickell Village, offering a host of entertainment choices. I have heard people who are concerned about the plans to build a 75 story tower called 18 on the lot directly to the north, but it is my opinion that this will not happen. I feel it is simply a sexy tower with approvals to help increase the land value. That’s a pretty common tactic in land sales, but we can talk more about it in another post…

LeParc at Brickell (expires January 2018)
If you’re the type of person who likes to be near the hustle and bustle of city life, but not necessarily right in the middle of it, Le Parc at Brickell is for you. It is a boutique condo that is walking distance to Brickell’s Financial District, but is also located behind Simpson Park. Simpson Park is a natural hammock  on the corner of South Miami Avenue and SE 15th Street and offers trails to experience the natural habitat of this area before the estates and high rises were here.

Fun fact: it is naturally MUCH cooler in the middle of Simpson Park than it is on the street.

Centro (expires February 2018)
This past Monday, we visited the market statistics for Centro and were amazed at how few transactions there were. This is a great opportunity for someone who Ubers everywhere (or Lyft if you’re part of the #DeleteUber movement). There are no parking spots included with the units, so this is for someone who wants a true city lifestyle. Aside from the lack of parking, the location and finishes are great.

Canvas (expires January 2018)
Now we’re going to skip North to the Arts & Entertainment district. Canvas is also still under construction and will need to extend their approval because the building is not quite topped off yet. I feel it will be closer to the middle of 2018 before these units are ready to close.

Crimson (expires June 2017)
If you’re in the market for a LEED certified waterfront condo, then you need to look into Crimson. You also need to hurry because their approval expires at the end of the month. No word yet on whether they intend to renew it.

Biscayne Beach (Expires December 2017)
With interiors by Thom Filicia, Biscayne Beach opened last month to rave reviews. They are currently 99% sold-out of their developer inventory and over have of the units have already closed. Two Roads Development (who is also developing the nearby Elysee) paid off their construction loan and are now sitting pretty as buyers begin to move in.

If you missed the developer inventory, we have listed a beautiful 3 bedroom, 4 bathroom plus den corner layout with south and east views. It is available with one of the best views of Miami, decorator ready for your personal touch at $1.75 million.

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

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.