Kushner Cos. plans 1,100-unit rental project in Miami Opportunity Zone

$550M, three-phase project marks the first for Kushner in South Florida

Miami /
Mar.March 07, 2019 05:15 PM

Rendering of 2000 Biscayne Boulevard and Charlie Kushner (Credit: Dorsky + Yue International and Sasha Maslov for The Real Deal)

Kushner Companies is planning to develop an 1,100-unit apartment project in Miami’s Edgewater neighborhood, marking its first in South Florida.

The company, led by Charles Kushner, Nicole Kushner Meyer and Laurent Morali, is under contract to buy a site at 2000 Biscayne Boulevard from investor Enrique Manhard, according to Bisnow. Manhard paid $13.1 million to buy the property, which is within an Opportunity Zone, from Verzasca Group in November. Verzasca originally planned to develop condos on the site.

Kushner plans to finance the $550 million, three-phase project through an existing banking relationship and will develop it without a local partner, Bisnow reported.

Kushner Cos. could develop the second and third phases on nearby land owned by Manhard. Between 2017 and 2018, Manhard’s company paid about $21 million to assemble 11 parcels on Northeast 20th Street between Biscayne Boulevard and Northeast Second Avenue.

Kushner Cos. plans to break ground on the first phase, a 400-unit tower, in the third quarter of this year.

Edgewater is in the midst of a building boom. Crescent Heights is moving forward with plans to build a major mixed-use project in the neighborhood on more than 5 acres of land with up to 754 residential units, nearly 269,000 square feet of office space, about 17,000 square feet of retail space, a 38,450-square-foot grocery store, parking and fitness space.

Last month, Kushner Cos. paid $1.1 billion to buy a portfolio of 6,000 rental apartments in Maryland and Virginia from the private-equity firm Lone Star Funds, its largest acquisition since it paid a record $1.8 billion for 666 Fifth Avenue more than a decade ago. [Bisnow] — Katherine Kallergis


Related Articles

arrow_forward_ios
Norman Braman and Jorge Perez score court victory against Edgewater Jai Alai fronton
Norman Braman and Jorge Perez score court victory against Edgewater Jai Alai fronton
Norman Braman and Jorge Perez score court victory against Edgewater Jai Alai fronton
President and CEO at Caron Treatment Centers Doug Tieman with the units. (Google Maps, LinkedIn via Doug Tieman)
Addiction treatment center operator pays $12M for Delray Beach apartments
Addiction treatment center operator pays $12M for Delray Beach apartments
Celebration Pointe and Andrew Farkas (Garco)
Island Capital affiliate pays $64M for Margate apartments
Island Capital affiliate pays $64M for Margate apartments
Renderings of Wave 70 and Wave 90
Dania Beach approves 760-unit apartment complex next to Dania Pointe
Dania Beach approves 760-unit apartment complex next to Dania Pointe
AHS Residential CEO Ernesto Lopes and AEW Global CEO Jeff Furber with 13700 Southwest 256th Street (Google Maps)
Alphabet soup: AEW pays AHS $57M for Homestead apartments
Alphabet soup: AEW pays AHS $57M for Homestead apartments
Cortland Partners CEO Steven DeFrancis and 1900 to 2300 North 29th Avenue, Hollywood (Google Maps)
Cortland pays $92M for Hollywood apartment complex
Cortland pays $92M for Hollywood apartment complex
Investcorp co- CEOs Hazem Ben-Gacem and Rishi Kapoor, Ventures CEO Tom Scott and 135 Northwest 20th Street in Boca Raton (Investcorp; Ventures; Google Maps)
CA Ventures buys Boca Raton apartment complex for $80M
CA Ventures buys Boca Raton apartment complex for $80M
Laurent Morali and Charles Kushner (iStock)
Kushner buying sites near Delray Beach, Lake Worth for industrial and mixed-use projects
Kushner buying sites near Delray Beach, Lake Worth for industrial and mixed-use projects
arrow_forward_ios

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

Loading...