Developers are planning another tower near the newly completed 37-story Canvas condo, according to the Daily Business Review.

TSG Group and Linéaire Group closed on the purchase of a 30,000-square-foot property at at 1765 N. Miami Ave. on March 14, for $5.9 million. The land is in a tax-advantaged Opportunity Zone.

The 37-story Canvas condo tower is nearby, as is Melo Group’s 35-story Miami Plaza, now under construction.

The developers said they will build an apartment building between 18 and 24 stories tall, and include ground floor retail.

There are at least three Opportunity Zone funds interested in investing in the project, one of the developers said.

Construction is set to begin in early 2020, with completion in early 2022

Source: The Next Miami