Clara Homes is under contract for a $7.7 million residential development in Miami’s Wynwood district. Independent real estate agent Jordan Karp represented Clara Homes in its purchase of the property from men’s clothing wholesaler Austin Burke.

Located at 2601 NW 6th Ave. in Miami, the 17,000-square-foot site was secured for $450 per square foot. That’s about 40% less than the typical Wynwood sale, which runs from roughly $750 to $1,000 per square foot.

Though plans are still subject to change, the developers intend to construct 152 high-end rental residences alongside a full suite of on-site amenities and ground floor retail space.

As part of the Live Local Act, the development allows for higher-density housing in an effort to combat housing shortages in the area.

The acquisition is expected to close by the end of the year.