Clara Homes Invests $7.7M to Convert Wynwood Property into 152-unit Multifamily Building

Clara Homes, a Miami-based real estate player, has made a noteworthy acquisition in the vibrant Wynwood neighborhood. The company recently purchased a single-story retail building for a significant $7.7 million, signaling its intentions to transform the space into a modern rental property. This strategic move aligns with the newly implemented Live Local Act, showcasing Clara Homes' commitment to innovative development in the housing sector.

Austin Burke's Storied Property

The acquired property, originally owned and occupied by men's clothing store Austin Burke, stands as an 11,423-square-foot building on a 17,000-square-foot parcel at 2601 NW Sixth Avenue. Notably, the sale agreement includes a one-year leaseback for Austin Burke, ensuring continuity for the established men's retailer. Having owned the building since 1988, Austin Burke's decision to part with the property underscores the evolving real estate landscape in Wynwood.

Deal Brokered by Jordan Karp

The intricate deal was successfully brokered by Jordan Karp, adding another layer of complexity to the transaction. While a representative for Clara Homes confirmed the sale, Austin Burke has yet to provide comments on this transformative move. The involvement of a seasoned broker like Jordan Karp adds a professional touch to the strategic acquisition.

Visionary Plans for the Future

Under the leadership of James Curnin, Clara Homes envisions the replacement of the existing structure with a 152-unit rental building. Collaborating with Miami architectural firm Kobi Karp Architecture and Interior Design, the development aims to offer not just housing but a lifestyle. The inclusion of ground-floor retail, a 24-hour doorman, valet service, and a rooftop padel court highlights Clara Homes' commitment to creating a vibrant and inclusive community.

Leveraging the Live Local Act

Crucially, Clara Homes intends to leverage the Live Local Act, a housing law enacted in Florida last year. This legislation allows for increased density in multifamily projects, provided that a minimum of 40 percent of the apartments are designated as workforce housing. By embracing this legal framework, Clara Homes demonstrates its dedication to addressing housing challenges while contributing to the dynamic evolution of Wynwood.