Kushner Companies and its local partner Block Capital Group paid $32 million for an assemblage in Wynwood, marking Kushner’s second acquisition in Miami, The Real Deal has learned.
Kushner and Block Capital are planning to build two mixed-use developments on 1.5 acres at 127 Northwest 27th Street and 129 Northwest 26th Street, according to a spokesperson for Kushner. The two properties will be developed into a total of 152 rental apartments, 50,000 square feet of office space, 34,000 square feet of retail space and parking.
Construction is expected to begin in early to mid-2020, with an estimated completion in 2022.
Kushner’s first planned acquisition in South Florida is the property at 2000 Biscayne Boulevard in Miami’s Edgewater neighborhood, which is under contract. The company, led by Charles Kushner, Nicole Kushner Meyer and Laurent Morali, is planning to develop the site, which is in an Opportunity Zone, and surrounding properties into an 1,100-unit apartment project with a local partner.
In Wynwood, Block Capital is working with the Related Group to build The Bradley, in addition to other commercial properties it has developed. The Bradley, previously called Wynwood 26, will be a 175-unit apartment building with about 32,000 square feet of retail space at 51 Northwest 26th Street. That’s expected to be delivered later this year.
Block Capital is led by CEO Martin Miculitzki. In a statement to TRD, Morali said Block Capital has been “visionary in shaping Wynwood for decades.”
Records show affiliates of Block Capital already own a portion of the development site. This week, Investments 120 LLC sold a seven-parcel assemblage to Block Capital for $10.8 million. The seller was represented by Andres Nava and Bernardita Banfi of Metro 1 Commercial, while Gaston Miculitzki of BM2 Realty brought the buyer, according to Metro 1.
Players like Related, East End Capital, Goldman Properties and Lennar have projects underway in Wynwood. Related recently acquired more land for another mixed-use development on Northwest 28th Street.