Miami-based real estate development firm Clara Homes, founded by James Curnin, has announced the closure of a $7.7 million deal for a residential development site in Miami’s Wynwood neighborhood. The site at 2601 Northwest 6th Avenue spans 17,000 square feet and is planned for a 154-residence luxury rental building dubbed Clara Wynwood. The building, designed by architect Kobi Karp, is set to include at least 40% affordable workforce housing, aligning with the Live Local Act. Jordan Karp, an independent broker, represented Clara Homes in this transaction, while the seller, men’s clothing wholesaler Austin Burke, was represented by Jeremy S. Larkin and Joseph R. Gallaher.
The acquisition’s closing price was approximately $450 per square foot, significantly below the average Wynwood land sales, which typically range from $750 to $1,000 per square foot. The site was marketed as a cap rate play rather than a redevelopment opportunity, offering attractive below-market seller financing at 5% and a sale-leaseback for one to one and a half years.
“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.”
Renderings reveal plans for an 18-story building, anticipated to reach approximately 200 feet, which will stand out along the I-95 corridor. Although detailed plans for Clara Wynwood are still being finalized, the development is expected to offer an array of high-end amenities, such as 24-hour doorman service, valet parking, retail space on the ground floor, and the first rooftop padel court in Miami, aligning with the city’s increasing interest in the sport. Construction is expected to begin within the next 12 to 15 months, with an estimated duration of 18 months, aiming for completion around the year 2027.
In addition to this project, Clara Homes is developing its first multifamily development in South Florida, Clara Bay Harbor. This follows the firm’s success in developing, building and selling luxury spec homes at above-market rates. Clara Bay Harbor, comprised of 150 units across three buildings, has commenced constructing the first building at 10281 West Bay Harbor Drive.