Developer Lands $26 Million Loan To Begin Construction On Phase 1 Of Residential Project In Bay Harbor Islands

Clara Homes, a Miami-based real estate firm specializing in residential and commercial development, custom single-family homes, and operations oversight, has announced closing a $26 million construction loan financed by Maxim Capital for Clara Bay Harbor. This three-building residential development, designed by S & E Architects, Inc. with Langan Engineering & Environmental Services as the civil engineer, will feature 150 residences and amenities. Clara Bay Harbor’s first building is slated to break ground this March, with completion anticipated for Spring/Summer 2024, and the entire master plan is expected to be completed by the end of 2025.

Clara Bay Harbor – Phase 1 – North. Credit: Clara Homes.

“We are committed to bringing buildings to market that offer high-quality residences designed with sophistication and style,” says James Curnin, CEO and Founder of Clara Homes. “This construction loan reaffirms the vision and confidence we have in Clara Bay Harbor.”

Nestled between the world-famous Bal Harbour Shops and Miami’s exclusive Indian Creek, Clara Bay Harbor will offer an enviable lifestyle and location in the heart of Bay Harbor. Situated just minutes from the Atlantic Ocean and the best shopping and dining in the city, Bay Harbor is one of the most desirable residential areas in Miami, celebrated for its small-town feel and focus on community. The waterfront neighborhood is now transforming into an exclusive destination with the development of new projects such as Clara Bay Harbor. The three buildings of Clara Bay Harbor will set a new standard for rental living across South Florida.

Clara Bay Harbor – Phase 1 – North-West. Credit: Clara Homes.

Clara Bay Harbor – Phase 1 – East-North. Credit: Clara Homes.

“Clara Homes is an experienced South Florida builder and a longtime Maxim client,” said Adam Glick, principal, and co-founder of Maxim Capital Group. “We’re looking forward to completing a rental building in one of the fastest growing markets in the country with one of the best residential developers in the Miami area.”

Clara Bay Harbor – Phase 1. Credit: Clara Homes.

Construction for Clara Bay Harbor will be completed in three phases. The first phase introduces the first of three six-story buildings, located at 10281 West Bay Harbor Drive, which will tout 28 two-to-five bedroom rental residences, a parking garage, and an amenitized rooftop space encompassing a swimming pool, exercise area, and sundeck. The other two buildings, 1147-1163 100th Street and 10200 East Bay Harbor Drive, are scheduled to break ground later this year.

Clara Bay Harbor – Phase 1 – Aerial View. Credit: Clara Homes.

Clara Bay Harbor is Clara Homes’ first South Florida multifamily development, following the firm’s success developing, building, and selling numerous Miami and Los Angeles spec homes for above-market rate prices. Curnin got his start in the industry working under the late legendary developer Jack Parker, his great-grandfather, in New York City on high-profile projects such as Parker Meridian Hotels, Parker Towers, Parker Plaza, and Truffles Tribeca.