By: Ismael Rodriguez

The developers of Canvas, a 513-unit condo tower under construction in Miami’s Arts & Entertainment District, have lowered deposit requirements to attract local residents.

The development, which sits at 1630 Northeast First Avenue, is 75 percent presold and expected to open during the second quarter of next year, according to a press release by NR Investments.

Led by principals Ron Gottesmann and Nir Shoshani, NR Investments lowered the required deposit to 20 percent. In 2016, the developers also received project approval from Fannie Mae, a strategic move to attract domestic buyers, allowing those qualified to get up to 97 percent financing if the unit is their primary home.

NR Investments hopes that the lowered deposits would draw renters away from buildings in downtown Miami, where rents exceed the mortgage payment on a unit. Other projects like Riva in Fort Lauderdale and Aria on the Bay have also lowered deposit requirements this year.

At Canvas, for example, units start at $345,000 and 620 square feet, and can go up to 1,100 square feet and $690,000.

The amenities at Canvas will include sunrise and sunset pools, a fitness center, glass-enclosed racquetball court, spa and sauna treatment rooms, business center, and children’s playroom and lab.