Cain and Kushner are launching a South Florida real estate joint venture, planning a luxury apartment tower in Edgewater for their first project, The Real Deal has learned.
London-based Cain, led by Jonathan Goldstein, and New York-based Kushner, led by Laurent Morali and Nicole Kushner Meyer, plan a 40-story, 364-unit project on Cain’s 1.5-acre site at 614 and 720 Northeast 27th Street in Miami, according to a news release. The property is near the Missoni Baia condo tower that Cain co-developed with Vlad Doronin’s OKO Group.
BDT & MSD Partners provided a $42 million loan for the project, which is in the pre-development phase. Construction is expected to start late next year, the release says.
The Cain-Kushner JV is targeting residential and mixed-use investments and developments in the tri-county region.
“We are looking at all opportunities that we think are sensible,” Goldstein said.
Their South Florida JV comes as the region is experiencing another influx of out-of-staters after the pandemic-era boom, only this time the in-migration is primarily of wealthy individuals and their companies amid the blue-to-red-state migration.
Yet, Cain and Kushner’s plans for Edgewater apartments come as the multifamily market has softened due to hefty deliveries in recent years. A record 18,600 units were completed in 2024, outpacing leasing that year by about 20 percent, CoStar Group data shows. Although construction starts have slowed, last year’s 12,718 unit completions still surpassed total leasing for the year by about 1,000 apartments.
It has led to slower lease-ups, more concessions and a drop in the average asking rents across South Florida.
Developers starting projects now have said demand will catch up by the time they finish their buildings, with many adding that South Florida remains a strong apartment market. Many are betting on luxury rentals, which CoStar’s data showed made up the bulk of leasing in recent years.
“We are big believers in South Florida and big believers in Miami,” Goldstein said.
Cain, backed by Todd Boehly’s Eldridge Industries, has been investing in South Florida for nearly a decade, with the JV in some ways marking its second chapter in the region.
Cain’s most recent project is the Delano Miami Beach renovation. The hotel, which closed in 2020, is expected to reopen in time for the Formula 1 Miami Grand Prix early next month.
Aside from the Missoni Baia condo tower, Cain also partnered with OKO on the Una Residences condo tower in Brickell and the 57-story 830 Brickell office tower. The office building was completed in 2024 fully pre-leased, catching a demand surge during the pandemic-era in-migration of out-of-state companies to Miami. Cain also is an investor in Doronin’s hospitality firm Aman Group.
Kushner has a presence in Miami’s Edgewater, completing the 37-story, 420-unit apartment tower at 2000 Biscayne Boulevard in 2024, with plans for more residential development next-door at 1900 Biscayne Boulevard. It also purchased the 276-unit Hamilton apartment building at 555 Northeast 34th Street from Aimco.
Elsewhere, Kushner plans a 932-unit multifamily development at 300 West Broward Boulevard in Fort Lauderdale. It borrowed a $115 million construction loan last year for a luxury 68-unit apartment project in Surfside. And it scored approval in October for a 470-unit rental building and synagogue development near Hollywood’s Seminole Hard Rock Hotel and Casino.
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