From left: Kushner Companies’ Nicole Kushner Meyer, Aimco’s Wes Powell, Kushner Companies’ Charles Kushner (sellers), Woodfield Development’s Todd Jacobus and Greg Bonifield (purchasers) together with a rendering of the prepared multifamily tower at 520 West Broward Boulevard (Getty, Woodfield Advancement, LinkedIn/Nicole Kushner Meyer, Kushner Firms, Spina O’Rourke + Partners)
Kushner Organizations and Aimco sold a piece of their a few-large amount enhancement assemblage in close proximity to downtown Fort Lauderdale’s Brightline station.
Woodfield Enhancement paid out $18.3 million for the .8-acre web site at 520 West Broward Boulevard, with designs to construct a 41-story multifamily tower, according to information. The consumer took out a $9.1 million mortgage tied to the house from New York-based Maxim Capital Team.
Don Ginsburg and Michael Lewin of Katalyst Actual Estate represented the sellers. CityLights Genuine Estate represented the buyer.
Kushner and Aimco nonetheless are transferring forward with their bet on the area. The pair options to joint enterprise on two projects on nearby websites at 200 and 300 West Broward Boulevard.
Kushner — led by Charles Kushner, his daughter Nicole Kushner Meyer, and Laurent Morali — established its sights on the assemblage in 2019 when it place it under deal, marking the firm’s 1st Fort Lauderdale buy. By January of this calendar year, Kushner had secured a essential zoning approval and teamed up with Aimco on the enhancement, with the two having to pay $49 million for the three-lot assemblage.
The pair experienced prepared to produce all 3 sites but then “received a potent offer” from Woodfield for the 520 West Broward Boulevard house, explained Michael Sommer, EVP of growth and construction at Kushner.
The assignments on “all a few parcels had been intended [independently] from one particular yet another to stand on their possess, but to enhance each individual other,” Sommer reported.
On its home, Woodfield wants to create a 365-unit condominium making with 2,500 square ft of professional room and a 444-car or truck garage, in accordance to May well filings to the city.
Kushner and Aimco have metropolis acceptance for a 48-story creating with 933 models at the 2.3-acre site at 300 West Broward Boulevard, with plans to start design early subsequent year. The two builders are operating to “perfect” their program for the 200 West Broward Boulevard web-site, Sommer stated.
Woodfield was established in 2005 and originally focused on growth in the Carolinas and Washington, D.C., but has expanded in other places because then, according to its site.
New York-based Kushner and Denver-based Aimco have also been increasing in South Florida in current months.
This calendar year, Kushner partnered with Immocorp Capital on the condominium portion of a combined-use project at 19199 Northwest 27th Avenue in Miami Gardens, around Stephen Ross’ Linked Companies’ Challenging Rock Stadium.
In Miami’s Edgewater community, Kushner Providers and PTM Associates want to construct a a few-tower elaborate with approximately 1,300 flats at 1900 and 2000 Biscayne Boulevard.
Aimco, led by Wes Powell, also has been betting on Edgewater. The company owns the Hamilton on the Bay apartment developing, the place Aimco canceled leases after its $90 million obtain of the assets in 2020. It also owns a blended-use development internet site around the Hamilton.
In Fort Lauderdale’s Flagler Village, Aimco paid out $100 million in a few promotions this calendar year for a 9-acre assemblage that permits for a 3 million-sq.-foot challenge with up to 1,500 units, additional than 300 hotel keys, and additional than 100,000 square feet of retail.
