CLIENT NEWS: 154-Unit Luxury Rental Building Planned In Wynwood Under Live Local Act
January 24, 2024Real estate firm Clara Homes has closed on the purchase of a Wynwood property where it plans a luxury apartment building under Florida’s Live Local Act.
Clara paid $7.7 million for a 17,000-square-foot site at 2601 NW 6th Avenue, or $450 per square foot. Seller financing was provided at 5%, and a sale leaseback for at least a year to a year and a half was also part of the deal. Jordan Karp represented the buyer.
Austin Burke was the seller, and was represented by Jeremy S. Larkin and Joseph R. Gallaher.
The new building will rise around 200 feet, and will be designed by Kobi Karp.
The development will include 154 apartments, of which 40% will be dedicated to workforce housing, a requirement under the Live Local Act.
Residents will have access to a full suite of premium amenities, as well as 24-hour doormen and valet service. There will also be ground floor retail space and Miami’s first rooftop padel court.
Construction is expected to begin sometime within the next 12-15 months and will take about 18 months to complete.
