MIAMI—Miami's condo market may be softening, but you wouldn't know it by speaking to Nir Shoshani and Ron Gottesmann of NR Investments, the developers behind the Arts + Entertainment District and its flagship condominium, CANVAS.

The 513-unit condo project, located at the intersection of 1st Avenue and 17th Street downtown, is 75% sold, topped off this month, and is on track for completion in early 2018. GlobeSt.com caught up with NR Investments to see why CANVAS is bucking the local trend.

GlobeSt.com: The “Arts + Entertainment District” was your brainchild. How did that transpire?

Shoshani: When we started scanning Miami for development opportunities in 2013, we noticed a large swath of land near Edgewater, just west of Biscayne Boulevard, with all this untapped potential. Still, we needed to create a distinct sense of place—a reason for people to want to come and live there.

So we decided to create a place for Miami's homegrown musicians, artists, and “makers” to call their own, something that was missing at the time. Our events—like the Miami Flea and Rooftop Sessions—bring thousands of people to the District each month. And now a number of apartment developers are building in the District to capitalize off of the energy and momentum we created, which is terrific.

(Find out where foreign investors are going for loans now.)

GlobeSt.com: There is a lot of condo development going on in Downtown Miami. What sets CANVAS apart?

Gottesmann: First, we have an extraordinary location just west of Edgewater and south of Wynwood, with unobstructed views all-around, including of Biscayne Bay. It's removed from the congestion of Downtown and Brickell, but it's also right off Route I-395, a block from public transit—MetroMover—and close to the Venetian Causeway, which makes Miami Beach very accessible. It's also within walking distance to all these world-class cultural venues like the Adrienne Arsht Center, the Perez Art Museum Miami and new Frost Science Museum.

(Edgewater is getting some new multifamily players. Read about it here.)

A lot of projects in Edgewater and Downtown are on the upper end of the price spectrum. CANVAS is in a “sweet spot,” location- and cost-wise. It's possible to own a one- or two-bedroom unit, with views of the water or Miami's skyline, for somewhere between $300,000 and $600,000. For the working professional who wants the quintessential downtown, urban-living experience, that's actually financially attainable.

GlobeSt.com: You recently engaged Miami artist “Krave” to curate a collection of street art at CANVAS. What's the significance of that?

Shoshani: The collaboration with Krave evolved out of our commitment, overall, to local Miami artists and creators. In total, Krave will oversee the creation of 83 original murals, along with framed prints of at least 162 works of art, in CANVAS's public spaces and corridors.

It's also about creating value for our residents and end-users. The art will create a truly unique living environment. Art has been considered an “amenity” in the luxury condo market for a while—but you don't see it much in residential developments at our price point. Our view is that art shouldn't be just for the elite—it's for everyone.

Instant Insights /

Will Art and Location Set This New Condo Development Apart?

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