Compass has taken over the leasing responsibilities for a luxury apartment building in Bay Harbor Islands, previously managed by Douglas Elliman. The switch was confirmed by Philip Scheinfeld of the Philip Scheinfeld Team and James Curnin of Clara Homes, the developer behind the project.
The six-story building at 10281 West Bay Harbor Drive features 28 units, with about six already leased since its completion in October. The apartments include two- and three-bedroom layouts as well as two four-bedroom penthouses, with monthly rents ranging from $8,550 to $19,250. Some units also have dens.
James Curnin explained his decision to change leasing firms: “I love Jay Parker and Douglas Elliman. He is a close friend of mine. I plan to continue to work with them on other projects,” he said, referring to Elliman’s Florida Region CEO. “But for right now I just felt that with where we are in the market, it was a good time to make the switch.”
Douglas Elliman had expanded its new development rental division into South Florida in 2022. At that time, South Florida’s multifamily sector was experiencing significant growth due to an influx of out-of-state residents and rising demand for apartments. Joe Azar previously represented Clara Homes as an agent for Douglas Elliman. In a statement, Azar said, “The developer and our company decided to mutually part ways.”
The building is one part of Clara Homes’ larger three-building multifamily project in Bay Harbor Islands. Another six-story building with 45 units at 1155 100 Street is expected to be completed in August, with pre-leasing starting this summer. Last month, Clara Homes secured an $80 million construction loan for a third six-story building at 10200-10290 East Bay Harbor Drive; it will have 77 units and is expected to be completed in early 2028.
Units across all three phases average about 1,850 square feet and are intended for families.
Over the past two years, South Florida’s multifamily market has slowed due to increased supply coinciding with reduced migration after the pandemic peak. According to CoStar, developers delivered a record 18,600 units in South Florida during 2024.
Despite this slowdown, some industry professionals expect renewed interest from high net-worth individuals moving from other states because of potential tax changes elsewhere. In New York, Mayor Zohran Mamdani has proposed increasing property taxes by up to 9.5 percent as a possible budget measure. California lawmakers are considering a one-time tax targeting residents worth more than $1 billion.
Meanwhile, Florida’s House of Representatives has approved legislation that would eliminate non-school property taxes on homesteaded residential properties if it passes further legislative hurdles and receives voter approval in November.
Philip Scheinfeld noted continued interest from relocating residents: “We are seeing a high volume of interest from people relocating from New York and California who are excited to move down south,” he said.
Although none of these tax proposals have been finalized yet, there is ongoing discussion within the real estate sector about whether such changes could drive another wave of migration—and leasing activity—into South Florida.
