Kushner buying sites near Delray Beach, Lake Worth for industrial and mixed-use projects

Kushner is also expected to break ground on two Miami apartment projects this year

Miami /
Jan.January 07, 2021 05:30 PM
Laurent Morali and Charles Kushner (iStock)

Laurent Morali and Charles Kushner (iStock)

UPDATED, Jan. 7, 2:30 p.m.: Kushner Companies is expanding in South Florida, acquiring two development sites in Palm Beach County, The Real Deal has learned.

The New York-based firm is buying two properties near Delray Beach and near Lake Worth Beach, according to a source close to the deal. An industrial project is planned for the Delray-area property and a mixed-use multifamily development for the Lake Worth site.

Kushner Companies could not be reached for comment. It’s unclear when the deals will close.

The firm, founded by Charles Kushner and led by president Laurent Morali, has already announced plans for three major apartment projects in South Florida since the start of 2019. The company is planning to bring roughly 3,000 units at a cost topping $1 billion in Miami and Fort Lauderdale.

Morningstar Nursery, led by Paul Okean, currently owns both Palm Beach County properties. The Lake Worth property is on the northeast corner of Hypoluxo Road and South Military Trail, across from a Walmart Supercenter, and the other is agricultural land west of the Florida Turnpike and north of Atlantic Avenue, along Starkey Road, near Delray Beach.

Morning Star Nursery reportedly works with Home Depot, Walmart and wholesale suppliers. The company could not be reached for comment.

On the Delray site, Kushner is planning a 900,000-square-foot industrial development, likely for a single distribution tenant. The developer would have to secure a land use change from agricultural to industrial to build the project.

On the Lake Worth property, Kushner plans a multifamily and retail development with 384 apartments and 60,000 square feet of retail space.

Kushner is expected to break ground this year on its Wynwood and Edgewater apartment projects in Miami. The company opened a South Florida office last year in Bay Harbor Islands, led by Michael Szafranski and Gabriela Toledo.





    Related Articles

    arrow_forward_ios
    Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)
    Here’s what the $10M-$30M NYC investment sales market looked like last week
    Here’s what the $10M-$30M NYC investment sales market looked like last week
    Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)
    New NYC rent law “beginning to shut down investment”
    New NYC rent law “beginning to shut down investment”
    Numbers were down across the board (Credit: iStock)
    New York’s multifamily market had its slowest first half of the year since 2011
    New York’s multifamily market had its slowest first half of the year since 2011
    The Broadway location of Halloween Adventure (Facebook via New York Costumes / Halloween Adventure)
    Halloween Adventure to vacate East Village home as retail condo hits market
    Halloween Adventure to vacate East Village home as retail condo hits market
    124 South Middle Neck Road in Great Neck, Long Island and Hornig Capital Partners Managing Partner Daren Hornig (Google Maps, Hornig Capital)
    Size, security, transparency: Great Neck apartment project delayed following local pushback
    Size, security, transparency: Great Neck apartment project delayed following local pushback
    HUBBNYC president John McCarthy and 56 West 125th Street (J Frankl Architects)
    HUBBNYC pays $105M for Harlem apartment building
    HUBBNYC pays $105M for Harlem apartment building
    National chains paid 95% of rent, while mom-and-pop shops paid 89%. (iStock)
    August retail rent payments close to 2019 levels
    August retail rent payments close to 2019 levels
    Thor Equities’ Joe Sitt and 933 Broadway (Thor)
    Thor Equities can keep $1.2M deposit on failed 933 Broadway sale: judge
    Thor Equities can keep $1.2M deposit on failed 933 Broadway sale: judge
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...