Kushner, Immocorp partner on the Miami Gardens apartment project
Kushner Companies is diving into Miami Gardens real estate, The Real Deal has learned.
Sources told TRD that New York-based Kushner is now a 50-50 partner on the multi-family component of Immocorp Capital’s planned mixed-use development south of Stephen Ross’ Hard Rock Stadium. The stadium hosts the Formula 1 race at Miami Gardens this weekend and for the next nine years.
Gilbert Benhamou, CEO of Aventura-based Immocorp, confirmed the partnership, which covers 11 acres of the nearly 36-acre site at 19199 Northwest 27th Avenue. The City of Miami Gardens sold the Miami Gardens City Center property to Immocorp in 2020 for $15.4 million.
Kushner, led by Charles Kushner, Nicole Kushner Meyer and Laurent Morali, and Immocorp plan to build market-priced Class A apartments on the multi-family portion of the site. They could build up to 800 units on the property, depending on government approvals. Benhamou said the first phase, which could start in the first quarter of 2023, will be a 10-story building with around 250 apartments. A second phase could add 250 to 400 additional units in a building of up to 15 floors.
As previously planned, the overall project would also include a hotel component and retail and entertainment space.
Kushner has expanded into South Florida and is betting big on the area’s hot apartment market as rents continue to rise. The company has projects in Miami’s Edgewater and Wynwood neighborhoods, as well as in Fort Lauderdale, with other partners.
Kushner is working with PTM Partners to develop a phased, three-tower, 1,300-unit apartment project at 2000 Biscayne Boulevard in Edgewater.
In Fort Lauderdale, Kushner is working with real estate investment trust Aimco on a 3 million square foot multi-tower development near Brightline.