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Kushner, Faith Group And Immocorp Capital JV Plan Mixed-Use Apartment Project In Wynwood

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

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Miami Apartment Building Evicting All 200 Tenants In 60 Days

Steven Leidner, who has lived in a one-bedroom corner unit at the Hamilton on the Bay apartment tower in Edgewater for 18 years, sensed something was up when his lease was up in November and noticed the building’s new owner had added a provision to their leases.

“I noticed an early termination clause that wasn’t there before,” said Leidner, 66. “I asked the building’s manager about it and he said ‘Oh, we would never kick you out. We’re in the business of generating revenue from renters. This is only if we need to move you into a different unit in the building while we are doing renovations.’”

Leidner said he asked the manager to include that wording in the lease but was told no. After consulting with his attorney, Leidner went ahead and signed the lease for $1,760 per month, minus a monthly discount of $264 to make up for all the noise and clamor caused by the ongoing renovations.

“I have a disability and I couldn’t expose myself to COVID,” he said. “I was not in a position to go all over town looking for a new place. But I was always waiting for the other shoe to drop.”

That shoe came in the form of a letter from Aimco/AIR, the Denver-based company that bought the 28-story bayfront building at 555 NE 34th St. in Aug. 2020 for $80.9 million. The letter, which was slipped under the door of tenants and sent via certified email, informed every resident in the building their leases were being terminated on July 16, 2021, so the company could complete renovations that had been ongoing since Hurricane Irma in 2017.

Those previous renovations, however, had been repairs to fix the water damage caused by the storm, removing mold, replacing carpeting and the installation of new windows. The new renovations being done by Aimco involve the gutting of all existing units in the aging building and the improvement of common areas to make the property more competitive with the shiny new luxury towers that have sprouted around Edgewater.

“Unfortunately, the redevelopment project has reached a phase where renovations will impact your Apartment Home and will block access to it,” the letter reads. “In accord with the Termination Option of your lease, we must terminate your lease and ask you to vacate your apartment home on or before July 16, 2021.”

The roughly 200 existing residents at the building, who occupy around 130 of the building’s total 265 apartments, are claiming Aimco pulled a bait-and-switch when they signed new leases with the owner, who they say enticed them to renew their leases early by offering 18-month agreements instead of the usual 12.

But the new lease also included an early termination clause, something the leases by the previous management company, Bainbridge Management, did not.

 

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