Posted Mar 8, 2019, 4:30 AM
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NYC/NJ/Miami-Dade
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Join Date: Jul 2013
Location: Riverview Estates Fairway (PA)
Posts: 45,795
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Kushner Cos. plans 1,100-unit rental project in Miami Opportunity Zone
Quote:
Kushner Companies is planning to develop an 1,100-unit apartment project in Miami’s Edgewater neighborhood, marking its first in South Florida.
The company, led by Charles Kushner, Nicole Kushner Meyer and Laurent Morali, is under contract to buy a site at 2000 Biscayne Boulevard from investor Enrique Manhard, according to Bisnow. Manhard paid $13.1 million to buy the property, which is within an Opportunity Zone, from Verzasca Group in November. Verzasca originally planned to develop condos on the site.
Kushner plans to finance the $550 million, three-phase project through an existing banking relationship and will develop it without a local partner, Bisnow reported.
Kushner Cos. could develop the second and third phases on nearby land owned by Manhard. Between 2017 and 2018, Manhard’s company paid about $21 million to assemble 11 parcels on Northeast 20th Street between Biscayne Boulevard and Northeast Second Avenue.
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