Kushner Companies has formed a joint venture to develop a mixed-use apartment complex in Wynwood, and the New York firm has completed its first project nearby, the sources said. real deal.
The latest development includes 325 apartments and approximately 20,000 to 25,000 square feet of retail space and will be located at the Soho Studios event space at 2136 First Avenue NW. According to sources, the joint venture was finalized last month and consists of Faith Group and Immocorp Capital. Both Faith and Immocorp are based in Aventura.
The Faith Group’s Soho LLC has owned the prime site since 2009. Property records show Soho LLC took out an $11.3 million mortgage in March, which can be increased to $22.5 million. Faith may transfer the site to entities including all three partners. Construction could start in 2025, one source said.
kushner too Partnering with Immocorp Capital and Faith Group represented the multifamily component of a large site south of Steve Ross’ Hard Rock Stadium in Miami Gardens. Immocorp CEO Gilbert Benhamou said the partners plan to break ground on infrastructure work in the third quarter. The first phase of construction, a 252-unit condominium project, is expected to begin construction by the end of this year.
The three partners are looking at additional opportunities in South Florida, Benhamou said. He described the planned Wynwood development as a “out of the box” project.
The Faith Group, led by founder Kevin Faith, who represents other members of the Faith family, has added the site in recent years to the corner lot at 2159 Northwest First Court. The combined area is 1.7 acres. It includes a 50,000-square-foot building built in 1929 and expanded in 1964; and a nearly 13,000-square-foot building built in 1962.
kushner made First investment in Wynwood 2019.The firm is led by Charles Kushner, his daughter Nicole Kushner Meyer and Laurent Morali in partnership with the Miculitzki family’s Block Capital Group Wind 27 and 28. Two towers of apartment, office and retail projects are nearing completion and are being leased. In a separate transaction, Kushner and PTM Partners A 1,300-unit, two-tower condominium development is planned for Edgewater.In Broward County, Kushner and Aimco also recently sold a portion of their three parcels near Brightlight Station in downtown Fort Lauderdale $18.3 million.
Development has exploded winwood New condominiums, thousands of apartments, office projects and ground floor retail for entire communities.Investment also spreads to Wynwood Northwith zoning reforms in 2021 designed to encourage affordable housing development, preserve the area’s character, and create economic opportunity for small businesses and residents.
