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
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.