Clara Homes Buys Wynwood Retail Site to Build Apartments
By Julia Echikson January 8, 2024 5:01 pm
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Clara Homes has purchased a single-story retail building in Miami’s Wynwood neighborhood for $7.7 million, which it plans to replace with a rental property using the recently enacted Live Local Act.
Men’s clothing store Austin Burke owns and occupies the 11,423-square-foot building, located on a 17,000-square-foot parcel at 2601 NW Sixth Avenue. The sale agreement includes a one-year leaseback for the men’s retailer.
The property, completed in 1967, is by the western edge of Wynwood, facing Interstate 95. Austin Burke has owned the building since 1988, when it paid $340,000 for it, according to property records.
Jordan Karp brokered the deal. A representative for Clara Homes confirmed the sale, while Austin Burke did not immediately respond to requests for comment.
Clara Homes, led by James Curnin, plans to build a 152-unit rental building with ground-floor retail designed by Miami architectural firm Kobi Karp Architecture and Interior Design, a Clara Homes spokesperson said last year, when the firm was under contract for the site. Amenities will include a 24-hour doorman, valet service as well as a padel court on the rooftop.
The Miami-based developer will make use of the Live Local Act, a Florida housing law enacted last year that allows added density in multifamily projects in return for designating at least 40 percent of apartments as workforce housing.
Julia Echikson can be reached at jechikson@commercialobserver.com.
