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Real Estate

Clara Homes and more Big News! Regency has big plans for Bay Harbor Islands!

Cashflow In Miami
September 12, 2022

Clara Homes and more Big News!

10200 and 10290 East Bay Harbor Drive

The Miami-based real estate development firm, led by founder and CEO James Curnin, bought the buildings on 1.3 acres .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.
Earlier this April , 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.

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.

Regency has big plans for Bay Harbor Islands!

9781 and 10301 , 9927-9955 E Bay Harbor, Bay harbor Islands

An affiliate of Chicago-based Regency Development Group has proposed a multifamily building along the water in Bay Harbor Islands.

The town’s Redevelopment Review Committee will consider plans Sept. 13 for the 0.77-acre site at 9927-9955 East Bay Harbor Drive. The vacant property was acquired for $13.5 million in May by 9955 Bay Harbor Development LLC, managed by Alexander Troyanovsky and Igor Michin of Regency Development Group.

The project would rise eight stories with 33 multifamily units and 69 parking spaces. Amenities would include a gym, a lounge and a rooftop pool. There would also be two private pools on the roof.

It would total 135,389 square feet, including 97,748 square feet of residential space, averaging 2,962 square feet per units. They would range from 1,572 square feet with two bedrooms to 4,088 square feet with four bedrooms.

An entity with ties to Chicago-based Regency, led by Igor Michin and Alex Troyanovsky, acquired two adjacent properties totaling nearly an acre at 9927 and 9955 East Bay Harbor Drive for $13.5 million in May.The firm also acquired two other smaller waterfront properties at 9781 and 10301 East Bay Harbor Drive for $4.5 million each.

9881 East Bay Harbor Drive and the Kingsley Arms building a few blocks south at 9291 East Bay Harbor Drive are sold for $22,5 million!!

There were bought  for $11.25 million apiece!

Entities tied to Toronto-based Westdale Properties bought the Rexleigh building  and the Kingsley Arms building.

The 20-unit Rexleigh was constructed in 1963 and the 24-unit Kingsley Arms in 1966, property records show, meaning the approximately 60-year-old properties sold for over $500,000 per unit. Each building rises five stories on a half-acre lot.

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