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Clara Bay Harbor’s first building is expected to break ground this March, with completion anticipated in early to mid-2024.

Miami’s Bay Harbor neighborhood continues to transform as developers flock to the neighborhood to build luxury developments. In the latest move, a Miami-based developer secured a $26 million construction loan for a luxury community, a three-building development. Each building will have six stories.

Clara Bay Harbor, developed by Clara Homes, is the company’s first South Florida multifamily development and will feature 150 total residences, which will be completed in three phases. Maxim Capital Group, which is headquartered in New York, financed the loan for the development.

James Curnin, CEO and founder of Clara Homes, says the company wants to continue to bring buildings to market that elevate luxury rental living across South Florida.

“This construction loan reaffirms the vision and confidence we have in Clara Bay Harbor. The project will offer renters high-quality residences, designed with the same sophistication and style as our custom homes,” Curnin said.

Located at 10281 West Bay Harbor Dr., the first building, which is phase one of the project, will include 28 two- to five-bedroom rentals.

Amenities will include a parking garage, amenitized rooftop space with a pool, exercise area and sundeck. The other two buildings will be located at 1147-1163 100th St. and 10200 East Bay Harbor Dr., and are scheduled to break ground later this year.

Greg West, CEO of Zom Living, says that with the comeback of the urban core in major cities, the suburbs are staying in demand as people have hybrid work schedules and prefer shorter commutes. As he sees it, developments may start to decrease in 2023 as economic uncertainty continues, leaving less multifamily supply in South Florida to satisfy strong rental housing demand.

West says that can translate into established developers with strong track records to secure the limited financing available.

“Less construction means the cost of building could improve next year and projects that move forward will be strongly positioned as the economy improves,” he said.

Clara Bay Harbor, which is between Bal Harbour Shops and Indian Creek, is located in the waterfront neighborhood that’s transforming into an exclusive luxury destination because it’s minutes from the Atlantic Ocean and local retail, food and beverage options.

Adam Glick, principal and co-founder of Maxim Capital Group, says Clara Bay Harbor will set a new standard for rental living across South Florida, with its luxurious but community feel.

“We’re looking forward to completing a luxury rental building in one of the fastest-growing markets in the country with one of the best residential developers in the Miami area,” he said.

Clara Bay Harbor’s first building is expected to break ground this March, with completion anticipated in early to mid-2024. The entire project is expected to be completed in 2025.