Kushner Cos and Aimco close at major site in Fort Lauderdale
Apartment giants Kushner Companies and Aimco have closed on the site of their mega project in Fort Lauderdale, where Kushner secured approvals for a 3 million square foot multi-tower development.
New York-based Kushner, run by Charles Kushner, his daughter Nicole Kushner Meyer and Laurent Morali, entered into a contract to assemble 4.2 acres near Fort Lauderdale at Brightline in 2019. It is the first acquisition of Kushner in the county town of Broward.
After securing a key zoning change from the Fort Lauderdale commission in May of last year, the developer tapped Denver-based Aimco as a 51% partner. The real deal Previously reported.
Records show that FTL/AD Ltd, a subsidiary of Swire Properties, sold the properties at 200, 300 and 520 West Broward Boulevard for a total of $49 million to companies controlled by Kushner and Aimco. Ricardo Dunin, then at Lionheart Capital, was a partner in FTL/AD, according to records obtained by TRD in 2019.
The Kushner/Aimco partnership also received a $40 million loan from an affiliate of MSD Partners, the private investment firm of Dell Technologies billionaire Michael Dell.
Aimco, a major real estate investment trust that focuses on multifamily, said in one of its filings it would pay $25 million for a 51% share of the property.
The Fort Lauderdale project could include 1,300 apartments, offices, retail and a hotel in four towers that would be built in phases. The land was rezoned to the highest density last year.
Kushner also now works with PTM Partners at Edgewater in Miami. PTM, a Miami-based Opportunity Zone-focused real estate development company, has joined as a 50-50 partner in the planned three-tower development at 2000 Biscayne Boulevard, where Kushner has planned a staggered 1 300 units, according to the two firms.
Additionally, Kushner is building the Wynd 27 and Wynd 28 mixed-use developments at Wynwood in Miami with partner Block Capital Group.
Aimco has also moved to South Florida in recent years. He is renovating the Hamilton on the Bay in Edgewater and planning new development around the property, where he canceled leases from his tenants last summer.