Assemblage complete: Clara Homes pays $18M for third Bay Harbor Islands redevelopment site

Miami-based firm plans to redevelop two rental properties and two lots into 150-unit luxury apartment complex

Miami /
May.May 03, 2022 01:32 PM
Clara Homes CEO James Curnin and the rental buildings at 10290 and 10200 East Bay Harbor Drive (Google Maps)

Clara Homes CEO James Curnin and the rental buildings at 10290 and 10200 East Bay Harbor Drive (Google Maps)

With a $17.6 million acquisition of four two-story rental buildings, Clara Homes completed a non-contiguous assemblage for a new luxury apartment complex in Bay Harbor Islands.

The Miami-based real estate development firm, led by founder and CEO James Curnin, bought the buildings on 1.3 acres at 10200 and 10290 East Bay Harbor Drive, according to a Clara Homes spokesperson.

Two different entities sold the properties. In 2020, an entity managed by Zeev Livni of Bay Harbor Islands and Mark and Rafael Fouzailoff of New York, paid $3.9 million for the 24-unit apartment building at 10200 East Bay Harbor Drive, according to records. In April of last year, an entity managed by Rainer Viete paid $3.6 million for three buildings with a total of 12 units at 102900 East Bay Harbor Drive, records show.

Clara Homes plans to concurrently develop Clara Bay Harbor, which will consist of three six-story luxury apartment buildings on the recently acquired properties, as well as on two lots at 10281 West Bay Harbor Drive and 1147-1163 100th Street. The firm acquired the lots in October and March, respectively, for a combined $14.7 million. A lot owned by the town of Bay Harbor Islands that is in between the properties Clara Homes owns on Bay Harbor Drive will not impact the development, the spokesperson said.

Earlier this month, town officials approved a site plan for the first phase of Clara Bay Harbor at 10281 West Bay Harbor Drive. The project will have five residential floors with 28 units atop a ground-floor lobby and parking garage with 56 spaces. A rooftop recreational area will include a swimming pool, exercise area and sundeck. Construction is expected to begin in August with a target opening date of summer 2023.

The second site at 1147-1163 100th Street will be home to a building with 45 luxury apartments, spanning 145,000 square feet, the spokesperson said. The third building at 10200 and 10290 East Bay Harbor Drive will span 200,000 square feet and feature 77 luxury apartments with water views. The second and third buildings will each have a fitness center, children’s playroom and rooftop pool, the spokesperson said.

In a previous interview, Clara Homes’ Curnin said monthly rent per square foot at Clara Bay Harbor probably will range from at least $5 a square foot to $7 a square foot. At $5 a square foot, monthly rent for a 1,300-square-foot apartment, the smallest in Clara Bay Harbor’s floor plans, would go for at least $6,500.





    Related Articles

    arrow_forward_ios
    Renderings of Koosh Living (Kaller Architecture of Hollywood)
    Dania Beach approves 231-unit multifamily development with mostly studio apartments
    Dania Beach approves 231-unit multifamily development with mostly studio apartments
    The apartment building at 1770 Meridian Avenue, Miami Beach with Victory Investments Group CEO Anil Monga (Google Maps)
    Hotel Astor owner buys Miami Beach apartment building
    Hotel Astor owner buys Miami Beach apartment building
    Aimco's Wes Powell with Edgewater (Aimco) Miami, High Rise
    Aimco plans 60-story apartment tower on waterfront site in Miami’s Edgewater
    Aimco plans 60-story apartment tower on waterfront site in Miami’s Edgewater
    From left: David Huke, Alex Karakhanian, and Abraham Hidary with 1601 North Miami Avenue (LoopNet, Hidrock Properties, LNDMRK Development)
    Hidrock Properties partners with Alex Karakhanian on Miami A&E dev site
    Hidrock Properties partners with Alex Karakhanian on Miami A&E dev site
    The Boardwalk Apartments at 460, 470 and 520 East McNab Road in Pompano Beach (Apartments.com, Google Maps)
    KVR Properties pays $26M for Pompano Beach apartment complex
    KVR Properties pays $26M for Pompano Beach apartment complex
    Moderno Development managing partner Doron Broman and a rendering of Rivr Lofts (Cube 3, Moderno Development)
    Moderno nabs $102M construction loan for Fort Lauderdale apartment tower
    Moderno nabs $102M construction loan for Fort Lauderdale apartment tower
    From left: Prestige Companies COO Alexander Ruiz, CEO Marty Caparros, and partner Dennis Rodriguez (Prestige Companies, Compass)
    Prestige JV pays $15M for Salvation Army site in Hialeah, plans 112 rentals
    Prestige JV pays $15M for Salvation Army site in Hialeah, plans 112 rentals
    Conlon & Co's Sean Conlon with 206 Clematis Street (Loopnet, Conlon)
    Sean Conlon pays $18M for historic apartment and retail building in downtown West Palm
    Sean Conlon pays $18M for historic apartment and retail building in downtown West Palm
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...