Clara Homes Under Contract for Wynwood Retail Building
Clara Homes is the latest developer to seek a piece of Wynwood, Commercial Observer has learned.
The Miami-based company is under contract to buy a 17,000-square-foot lot for $7.7 million, with plans to build a luxury rental building on the site under Florida’s newly enacted Live Local Act, according to a company spokesperson. The sale is expected to close by the end of 2023.
The parcel holds a single-story retail building that’s home to the Austin Burke men’s clothing store at 2601 NW Sixth Avenue, located between the Interstate 95 and the 545 Wyn office building,
The clothing retailer owns the property and will remain there for now, as the deal includes a sale leaseback for one year. Austin Burke purchased the property, completed in 1967, for $340,000 in 1988, according to property records. A representative for the store did not immediately respond to a request for comment. Jordan Karp, who is representing the developer, declined to comment.
While the project remains in the early stages, Clara Homes plans to build a 152-unit luxury rental building with ground-floor retail designed by Miami architectural firm Kobi Karp. The developer plans to utilize a provision from the Live Local Act, a state housing law enacted earlier this year, that allows added density in return for designating at least 40 percent of apartments as workforce housing.
Clara, led by James Curnin, is best known for developing luxury single-family homes and boutique condo buildings, such as the 150-unit Clara Bay Harbor project In Bay Harbor Islands.
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