Kushner Cos. has taken on a partner in the development of a 420-unit multifamily project in a Miami opportunity zone.
Miami-based PTM Partners, a real estate investment and development firm with an initial focus exclusively on qualified opportunity zones, joined in a joint venture with Kushner Cos. at 2000 Biscayne Blvd. in Miami’s Edgewater neighborhood.
Kushner Cos. previously announced that 2000 Biscayne would be the first of a three-tower luxury rental megaproject.
Groundbreaking is scheduled to occur in Q4 2021 and leasing is expected to begin in Q1 2023.
The 36-story tower in the Edgewater submarket will have a health and wellness focus, with amenities including a Zen garden, a fitness center with a yoga room, outdoor boxing and CrossFit facilities, a dry sauna and more.
An affiliate of Kushner Cos. acquired the nearly 33K SF site for $20.5M in July. Last month, the firm obtained $127M in construction loans, according to the South Florida Business Journal.
"This project has the potential to set a new standard of living for the residential market in Miami," Kushner President Nicole Kushner Meyer said in a statement.
New York-based Kushner has been expanding into Florida over the past few years, with projects underway in Miami, Broward and Palm Beach counties. The firm's portfolio includes 25,000 apartments in 12 states and 12.9M SF under development.
Kushner Cos. is led by Charles Kushner, the father of Jared Kushner, son-in-law to former President Donald Trump. Jared Kushner's global investment firm, Affinity Partners, is based in Miami.
Reuters reported earlier this month that Affinity plans to hire longtime private equity executives Bret Perlman and Asad Naqvi as senior investment partners. The company is also looking to raise funds to invest in American and Israeli companies looking for international expansion opportunities in India, Africa, the Middle East and other parts of Asia, according to Reuters.
