The Emergence of the Arts + Entertainment District

May 5, 2015

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.