Aimco Joins Kushner in Downtown Fort Lauderdale Development

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Apartment behemoth Aimco entered into a joint venture with the Kushner Companies, purchasing a 51 percent stake in a downtown Fort Lauderdale development.  

Aimco will pay $25 million for 4.6 acres at 200, 300 and 520 W Broward Boulevard, across the street from the city’s Brightline station, the firm announced in its second-quarter earnings report. The sale, which in total comes to $49 million with Kushner putting up the remaining $24 million, is expected to close in January 2022.

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The project will include approximately three million square feet of multifamily homes and commercial space. In May, Kushner Companies won approval to rezone the area for high-density developments. It’s planning to construct four towers, which will require $700 million in debt and equity investments, Kushner president Laurent Morali told The Real Deal

Beyond the Fort Lauderdale development, Denver-based Aimco made several other moves in South Florida. It purchased land around its Edgewater Hamilton On The Bay apartment building, constructed in 1984, for $19 million, the earnings report noted. As the developer pushes out current tenants, it will invest $92 million to redevelop the complex, which will include spacious units, averaging 1,411 square feet. 

The apartment investment trust will also invest an additional $27 million in the construction of its luxury development in Miami Beach, the North Tower of Flamingo Point which is expected to be completed in 2022.  

New York-based Kushner Companies is also busy in South Florida. The firm is developing a pair of mixed-use buildings in Wynwood. In June, it also broke ground on an Edgewater apartment complex. 

(Disclosure: Nicole Kushner, Kushner Companies’ principal, is married to Observer Media Chairman and Publisher Joseph Meyer.)

Julia Echikson can be reached at jechikson@commercialobserver.com.