Clara Homes, a Miami-based real estate development firm founded by James Curnin, has closed on a $7.7 million residential development site in Miami’s trendy Wynwood neighborhood. Located at 2601 NW 6th Avenue, the 17,000-square foot site is planned to become a 154-residence luxury rental building designed by architect Kobi Karp. The building will include at least 40% affordable workforce housing as part of the Live Local Act and will rise roughly 200 feet. Jordan Karp of Jordan Karp, LLC. represented Clara Homes in the deal, while the seller, men’s clothing wholesaler Austin Burke, was represented by Jeremy S. Larkin and Joseph R. Gallaher.
“Wynwood is one of the hottest Miami markets to invest in and only continues to increase in value as new cultural, dining and art institutions open in the neighborhood,” said James Curnin, CEO and Founder of Clara Homes. “When presented with the rare opportunity to acquire the land at such an attractive rate, we jumped at the chance to create a new rental experience in this rapidly growing part of town.”
The acquisition closed at $450 per square foot, approximately 40% below other Wynwood land sales, which typically average between $750 to $1,000 per square foot. The site was sold as a cap rate play instead of a redevelopment play, with attractive below-market seller financing at 5% and a sale leaseback for at least a year to a year and a half.
While plans are still in progress for the upcoming project, the luxury rental building is projected to offer a full suite of premium amenities and sophisticated touches, as well as 24-hour doormen, valet service, dedicated ground floor retail space and Miami’s first rooftop padel court, catering to the city’s heightening interest in the rapidly growing global racquet sport. Construction is expected to begin sometime within the next 12-15 months and will take about 18 months to complete.
Clara Homes is also in the process of developing its first multifamily development in South Florida, Clara Bay Harbor, following the firm’s success developing, building, and selling numerous luxury spec homes for above market rate prices. Clara Bay Harbor will be completed in three phases, having begun construction of the first building located at 10281 West Bay Harbor Drive.
