Kushner Companies entered into a joint venture to develop a mixed-use apartment complex in Wynwood, as the New York firm completes its first projects in the neighborhood.
The latest development, to include 325 apartments and roughly 20,000 to 25,000 square feet of retail space, would rise on the Soho Studios event space site at 2136 Northwest First Avenue. The joint venture, which was finalized last month, is with the Faith Group and Immocorp Capital, according to sources. Faith and Immocorp are both based in Aventura.
Faith Group’s Soho LLC has owned the main parcel since 2009. Property records show Soho LLC secured an $11.3 million mortgage in March that can be increased to $22.5 million. Faith will likely transfer the site to an entity that includes all three partners. Construction could begin in 2025, a source said.
Kushner is also working with Immocorp Capital and Faith Group on the multifamily component of a large site south of Steve Ross’ Hard Rock Stadium in Miami Gardens. Gilbert Benhamou, CEO of Immocorp, said the partners plan to break ground on infrastructure work in the third quarter. Construction on the first phase, a 252-unit apartment project, is expected to begin by the end of the year.
The three partners are looking for more opportunities in South Florida, Benhamou said. He called the planned Wynwood development an “out of the box” project.
The Faith Group, led by founder Kevin Faith who represents other members of the Faith family, added to the site in recent years with the corner property at 2159 Northwest First Court. The assemblage totals 1.7 contiguous acres. It includes a 50,000-square-foot building that was constructed in 1929 and expanded in 1964; and a nearly 13,000-square-foot building constructed in 1962.
Kushner made its first investment in Wynwood in 2019. The firm, led by Charles Kushner, his daughter Nicole Kushner Meyer, and Laurent Morali, partnered with the Miculitzki family’s Block Capital Group to build Wynd 27 and 28. The two-building apartment, office and retail project is nearly completed and is being leased. In a separate deal, Kushner and PTM Partners plan a 1,300-unit, two-tower apartment development in Edgewater. In Broward County, Kushner and Aimco also recently sold a piece of their three-lot assemblage near downtown Fort Lauderdale’s Brightlight station for $18.3 million.
Development has exploded in Wynwood for new condominiums, thousands of apartments, office projects and ground-floor retail throughout the neighborhood. Investment has also spread to Wynwood Norte, which underwent a zoning overhaul in 2021 meant to encourage affordable housing development, preserve the area’s character, and create economic opportunities for small businesses and residents.
Source: The Real Deal