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Real Estate News

Kushner to soon break ground on its first development in Florida — a 400-foot, $550M tower

 

Kushner Companies LLC, the real estate company partly owned by presidential son-in-law Jared Kushner, has taken ownership of a previously announced rental project in Miami’s Edgewater. The real estate developer plans to break ground in October on its first ground-up development deal in Florida.

Kushner Companies is the third owner to the three-quarter acre development site at 2000 Biscayne Boulevard, adjacent to Braman auto showrooms on the west side of the thoroughfare. Originally, Verzasca Group planned a 36-story condo for the site, designed by Fort Lauderdale-based Dorsky + Yue International architects.

In 2016, as the condo market softened, Verzasca announced it would pivot to a rental building. But in 2018, it sold to Enrique Manhard for $13.1 million. Manhard owns most of the block immediately to the south, according to Miami-Dade property records.

BisNow reported the Kushner Companies purchase in March. Though the most recent sale has yet to hit public databases, a Kushner Companies spokesperson confirmed the deal. The property is located in an Opportunity Zone, which provides tax breaks for investors who hold the property at least 10 years.

Plans filed with the City of Miami show a $550 million tower rising 408 feet with 1,100 units. Kushner plans to break ground in October with the first of three phases that comprises 400 units, as first reported by Next Miami. The design calls for an eight-story parking garage sheathed in perforated triangular aluminum panels, according to plans filed with the city. The building includes required ground-floor retail space and an amenity deck for residents atop the garage.

The city’s Urban Design Review Board recommended approval of the project to the city planning director in June of 2017.

“It’s a positive for the area,” said Braman in an interview. “It’s a positive for the community. It’s part of what is happening in the Edgewater area and in Miami in general.”

Kushner Companies is also developing land in Wynwood, as reported by The Real Deal. Kushner Companies and Block Capital Group paid $32 million for 1.5 acres of land at 127 Northwest 27th Street and 129 Northwest 26th Street. The two mixed-use developments planned there include 152 rental apartments, 50,000 square feet of office space and 34,000 square feet of office and parking space.

Before he was named a White House senior adviser, Jared Kushner led the company. His father Charles — convicted in 2005 of tax evasion and other crimes — now runs the firm. It currently is focusing on developing rental apartments in Maryland, Virginia, and the New York tri-state area.

Due to the building’s height and location, Kushner Companies is seeking certification authorization with the Federal Aviation Administration, as reported by NextMiami. The FAA must certify to the county and Miami International whether any given project in route to the airport interferes with emergency flight paths or radar.

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