Aimco partners with Kushner in Fort Lauderdale
Apartment giant Aimco is teaming up with the massive development of downtown Fort Lauderdale from the Kushner companies, The real deal has learned.
The company has also secured loans for two South Florida projects, according to its second quarter earnings report. Aimco reported a loss of $ 19.7 million in the quarter ending June 30.
The Denver-based real estate investment trust, which stands for Apartment Investment and Management Company, has taken a 51% stake in the planned 3 million square foot mixed-use project on Broward Boulevard. Swire Properties has signed a contract to sell the 4.2-acre site for $ 49 million.
Aimco, led by CEO Wes Powell, will pay $ 25 million for the 51% share of the property, the company said in its second quarter report. Aimco has paid $ 2.4 million so far and the purchase is expected to be finalized in January.
Kushner made a big breakthrough in South Florida. The Fort Lauderdale project alone could include 1,300 apartments, offices, retail and a hotel. The developer got approval in May for a zoning change to the denser zoning in Fort Lauderdale. At the time, Kushner’s chairman Laurent Morali said the development will require debt and equity investments totaling $ 700 million.
The four-tower project is expected to be built in several phases, with construction starting next year. It’s near Brightline station.
Kushner’s other South Florida projects include the Wynd 27 and Wynd 28 mixed-use developments in Wynwood, as well as the multi-phase residential project at 2000 Biscayne Boulevard in Miami’s Edgewater neighborhood.
Aimco has also expanded its presence in Florida. She got two construction loans: a $ 150 million loan guaranteed by the Flamingo Point North Tower in Miami Beach and a $ 101 million Hamilton on the Bay construction loan in Miami’s Edgewater.
The REIT spent an additional $ 19 million to acquire land around Hamilton. The company has terminated the leases of all of its tenants in Hamilton as residents continue to move. Construction is underway with tenants still living on the property. According to Aimco, around 20 residents have not moved or scheduled a day to move.
The Edgewater assembly allows for more than 1.1 million square feet of development, Aimco said in its earnings report.
He also hopes to build a luxury residential tower on the Flamingo Point property in Miami Beach, where he is renovating the north tower units. At a Miami Beach design review board meeting in early August, the board voted to continue an item for construction of the new tower along with other changes, after residents spoke out against the plans. from Aimco.
In its report on the results, Aimco said it was continuing its plan to invest $ 27 million in the North Tower, where the apartments will be delivered from the third quarter of this year.