Kushner, PTM Partner on Apartment Project Near Downtown Miami
By Jeff Ostrowski November 18, 2021 5:46 pm
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PTM Partners has joined with Kushner Companies to build a 420-unit apartment tower in Miami’s Edgewater neighborhood, the companies announced.
New York-based Kushner bought the development site at 2000 Biscayne Boulevard this summer. The bayfront parcel is located in an Opportunity Zone between Downtown Miami and the Design District. Kushner has now brought on board Miami-based PTM, which specializes in tax-advantaged Opportunity Zone projects.
The 36-story tower will include a landscaped pool deck with grills and a zen garden, a fitness center with a yoga room and outdoor boxing, a sauna, a steam room, a recording studio, a children’s playroom, a pet wash station, a game room, coworking spaces and a library.
The developers say they’ll begin construction by the end of the year and open leasing in early 2023.
The tower at 2000 Biscayne is expected to be the first of three buildings being developed by Kushner in Edgewater. The company also plans to build on an adjacent site. The company owns 25,000 units in 12 states.
Kushner has been active in South Florida. In August, it entered a joint venture with Aimco on a downtown Fort Lauderdale development.
In that deal, 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, Aimco 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.
Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.
