Kushner Companies paid $20.5 million for a slice of an assemblage in Miami’s Edgewater neighborhood, more than two years after going into contract on the property, The Real Deal has learned.
Investor Enrique Manhard and his partners sold the 0.75-acre piece of a larger assemblage, at 2000 Biscayne Boulevard, to New York-based Kushner, led by Charles Kushner, Nicole Kushner Meyer and Laurent Morali.
Kushner plans a nearly 400-unit apartment tower for the site, which will mark the first phase of a 1,100 unit development. In a statement, Kushner Meyer said the project will “create a new district” in Edgewater.
The 2000 Biscayne sale price breaks down to $621 per square foot and $48,000 per unit.
Estrella Perez and Pascal Levy of EP Realty Group brokered the deal.
The property is within an Opportunity Zone. It was previously owned by Verzasca Group, which planned to develop condos on the site.
Manhard’s entity paid $13.1 million for the property in 2018 and sold it for 56 percent more in three years, records show.
Kushner plans to build a total of three towers at 2000 Biscayne Boulevard and 1900 Biscayne Boulevard. Manhard also owns 1900 Biscayne, where units will be built in two towers.
Kushner has been busy in South Florida. In May, the firm won approval to bring a four-tower, mixed-use development to downtown Fort Lauderdale. It is planned to have 1,300 apartments, office and retail, and possibly a hotel. Construction of that development is expected to start in the first quarter of 2022 and finish in phases in 2026.
Earlier this year, the company and its partner Block Capital broke ground on Wynd 27 and Wynd 28, a mixed-use development in Miami’s Wynwood with 152 apartments, 33,500 square feet of retail and 46,000 square feet of office space.