Kushner begins construction on South Florida project

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Gustavo Miculitzki, Laurent Morali and Charles Kushner with a rendering of their Wynwood project

Kushner Companies has started construction on its first development in South Florida with its partner Block Capital Group.

The developers are financing the construction of their Wynwood project with a loan of around $ 80 million from Axos Bank and Fortress. New York-based Kushner, founded by Charles Kushner and led by President Laurent Morali, has a number of projects planned in Miami-Dade, Broward and Palm Beach counties, after making its first investment in Wynwood.

The construction loan replaces and adds to $ 17.6 million in the financing that the promoters obtained a year ago from CIT Bank.

Developers broke new ground Thursday on Wynd 27 and Wynd 28. The project will include 152 apartments, 46,000 square feet of office space, 33,500 square feet of retail and 232 parking spaces. Facilities will include collaborative workspaces, an outdoor pool deck and lounges, barbecue areas and an arts program. It is expected to be delivered in the third quarter of 2022.

Kushner and Block Capital Group paid $ 32 million for the 1.5 acre assembly at 127 Northwest 27th Street and 129 Northwest 26th Street in Miami’s Wynwood in 2019.

“Everything we bought two years ago is more valuable today due to rapidly accelerating trends,” said Morali, referring to the influx of people and businesses moving to the south Florida.

Block Capital has worked with Kushner for over two years and has been investing in Wynwood for over a decade, said Block Capital CEO Martin Miculitzki.

BM2 Realty takes care of commercial leasing. Miculitzki said the company has attracted interest from food and beverage operators. Retail asking rents will be approximately $ 75 per square foot, triple net. Office rates will be approximately $ 50 per square foot, triple net.

Kushner plans to debut its apartment project at 2000 Biscayne Boulevard in June and 1900 Biscayne Boulevard early next year. The properties, in an area of ​​opportunity in Miami’s Edgewater neighborhood, would eventually include more than 1,000 units in three phases.

Kushner construction industrial and mixed developments planned at Delray Beach and Lake Worth, and could debut next year, Morali said.

The company is also expected to start building its Fort Lauderdale Development Project, opposite Brightline station in the Himmarshee district, in 2022.

Block Capital’s Miculitzki said the partnership is looking for more opportunities in Wynwood. They’ve also gained a lot of things besides Wynd 27 that they eventually plan to develop, he said.

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