In a recent real estate development move, Miami-based firm Clara Homes, founded by James Curnin, has entered into a contract for a residential development site in Miami’s Wynwood district. The 17,000-square-foot plot at 2601 Northwest 6th Avenue is set at a price tag of $7.7 million.
The acquisition rate stands at approximately $450 per square foot. This figure contrasts with some recent land sales in Wynwood, which have ranged between $750 to $1,000 per square foot. James Curnin, Clara Homes’s CEO, agreed on terms that included below-market seller financing, supplemented by a sale-leaseback for the first year. The broker representing Clara Homes in this deal was Jordan Karp, while the seller has been identified as men’s clothing wholesaler Austin Burke.
The site’s future development remains under discussion. Current plans lean towards a 152-residence rental building. The design is attributed to Miami-based architect Kobi Karp, and the building’s tentative features include a full range of amenities, a 24-hour doorman, valet service, retail spaces on the ground floor, and potentially Miami’s first rooftop padel court.
The development adheres to the ‘Live Local Act’, which allows for an increased density of units.
In addition to this acquisition, Clara Homes is working on another project in South Florida named Clara Bay Harbor. The development comes after the firm’s previous involvement in luxury spec home projects. The phased development of Clara Bay Harbor will initiate with a building at 10281 West Bay Harbor Drive.
As real estate dynamics in Miami shift, stakeholders and observers await the finalization of the Wynwood acquisition, expected by the end of 2023. With various stakeholders involved, the direction Wynwood takes in the coming years will be of interest to many.