A member of the famed Jack Parker real estate family just paid $7.25 million for a waterfront property on Allison Island where he plans to build two spec homes.
James Curnin bought the 32,400-square-foot property at 6431 Allison Road for $223 per square foot. The property has an existing 8,889-square-foot home built in 1930 that will be demolished. The trust of Marisol Binn sold the site to Curnin.
Cyril Matz of Douglas Elliman represented the spec home developer. Jeri Jenkins of Coldwell Banker represented the seller.
Curnin is expected to begin construction in two months on the homes, which will range between 6,500 square feet and 7,500 square feet. They will each have about five bedrooms and both will feature steel front doors.
Curnin describes one of the homes as a “modern farmhouse” which will have a steep, pitched roof. On the other lot, the developer will build a home he said will have more of a European style or Palm Beach estate feel.
A graduate of the University of Miami, Curnin said he was attracted to developing in the city, in part, because of the tax benefits of living in Florida. He is also moving his personal company Clara Homes from New York to Miami in the next few months.
Curnin expects buyers of the two spec homes to be from the Northeast as well.
Curnin is the great-grandson of Jack Parker who founded Jack Parker Corp., which was one of the most active developers in New York City. Jack Parker Corp.’s portfolio previously included the Le Parker Meridien, a 40-story luxury hotel on West 56th Street in Manhattan. The New York-based company put its massive multifamily portfolio on the market last year as it looked to divest its real estate holdings, reportedly worth $1.5 billion.
Curnin has built luxury spec homes in Los Angeles, including a $24 million home on Doheny Drive and another home on Marcheeta Place, according to Modern Luxury. He is also developing another Miami Beach home at 1757 West 27th Street on Sunset Island II.
Allison Island is a small gated island off Miami Beach. Lil Wayne recently paid $17 million for a 10,6320-square-foot, seven-bedroom home on the island at 6480 Allison Road.
Last year, spec home developer Todd Michael Glaser sold a newly built waterfront home on the island for $10.9 million to guitarist and novelist Jeremy Wagner.